‘The timing is notable’: China lets Visa start preparing to clear bank card payments, weeks before a third Xi-Trump meeting

U.S. payments giant Visa said Tuesday that it received approval to prepare to set up a bank card clearing business in China, a move that could allow Visa to compete for a share of the country’s large payments market.

Some analysts see the development as an encouraging sign for American businesses following Chinese leader Xi Jinping’s meetings with President Donald Trump during a state visit to Washington last month.

The San Francisco-based payment processing company said the long-awaited approval marked “a significant step forward in Visa’s long-standing commitment to China.”

“We........

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