News from the IT home on October 13th: Digital payment company Visa announced today that it has officially been approved by the People's Bank of China to prepare for setting up a bank card clearing institution within China. This marks an important progress in Visa's service of the domestic payment market in China.

Visa CEO McCain ( Ryan McInerney ) stated: "The approval of this preparatory application is another important milestone in Visa's long-term commitment to serving the Chinese market. We look forward to actively carrying out subsequent work in accordance with the relevant regulatory provisions of the People's Bank of China, with the aim of starting operations domestically as soon as possible."

Visa will continue to carry out subsequent work and launch bank card clearing services within China.

IT Note: Bank card settlement refers to the process where, after a cardholder makes a purchase using their card, the bank, the merchant, and the settlement institution settle the amounts involved and complete the transfer of funds. Licensed settlement institutions are responsible for handling cross-bank transactions and settlements. Currently, the major bank card settlement institutions in China include China UnionPay, Connect (Hangzhou) Technology Service Co., Ltd. (a joint venture between American Express and Chinese partners), and MasterCard Network Information Technology (Beijing) Co., Ltd. (established through a partnership between MasterCard and China).