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Visa Approved to Prepare Domestic Payments Clearing Business in China

Source Summary

Visa Inc. has received approval to begin preparations for establishing a domestic bank card clearing business in China. The move follows similar entries by competitors Mastercard Inc. and American Express Co. into China's payments market.

Why it matters

Visa's approval marks a significant expansion into China's massive payments market and positions the company to compete directly with established rivals in a strategically important region.

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