{"id":72919,"date":"2026-10-13T02:08:10","date_gmt":"2026-10-13T06:08:10","guid":{"rendered":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/visa-secures-preliminary-approval-for-china-domestic-payments-multiple-injured-in-south-korea-stabbing\/72919\/"},"modified":"2026-10-13T02:08:10","modified_gmt":"2026-10-13T06:08:10","slug":"visa-secures-preliminary-approval-for-china-domestic-payments-multiple-injured-in-south-korea-stabbing","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/visa-secures-preliminary-approval-for-china-domestic-payments-multiple-injured-in-south-korea-stabbing\/72919\/","title":{"rendered":"Visa Secures Preliminary Approval for China Domestic Payments; Multiple Injured in South Korea Stabbing"},"content":{"rendered":"<h2>Key Takeaways<\/h2>\n<ul>\n<li><strong>Visa (<a href=\"\/stock\/V\">V<\/a>) received approval from the People&#39;s Bank of China (PBOC)<\/strong> to begin formal preparations for establishing a domestic bankcard clearing institution.<\/li>\n<li><strong>The company has a one-year window<\/strong> to complete its business preparations before it can apply for an official license to begin domestic operations.<\/li>\n<li><strong>Up to eight people were injured<\/strong> in a mass stabbing incident at a Homeplus supermarket in Incheon, South Korea, with at least one victim in critical condition.<\/li>\n<li><strong>Visa&#39;s entry follows competitors<\/strong> Mastercard (<a href=\"\/stock\/MA\">MA<\/a>) and American Express (<a href=\"\/stock\/AXP\">AXP<\/a>), who secured similar domestic clearing access in 2023 and 2020, respectively.<\/li>\n<\/ul>\n<hr>\n<h2>Visa Gains Ground in China\u2019s Domestic Payment Market<\/h2>\n<p>Visa (<a href=\"\/stock\/V\">V<\/a>) announced on Tuesday that it has received the green light from the <strong>People&#39;s Bank of China (PBOC)<\/strong> to begin preparations for a domestic bankcard clearing business. This &quot;Application to Prepare&quot; approval is a critical regulatory milestone that brings the U.S.-based payments giant a step closer to processing local yuan transactions within the world&#39;s second-largest economy.<\/p>\n<p>The move follows high-level diplomatic engagements, including recent meetings between <strong>President Trump<\/strong> and Chinese leader <strong>Xi Jinping<\/strong>. Visa CEO <strong>Ryan McInerney<\/strong>, who accompanied the U.S. delegation to Beijing, described the approval as a &quot;significant step forward&quot; in the company&#39;s 40-year commitment to the Chinese market.<\/p>\n<p>Under current regulations, Visa now has <strong>one year to finalize its infrastructure and operational arrangements<\/strong>. Once this preparatory phase is complete, the company can submit a formal application to the PBOC to begin clearing domestic transactions. This would allow Visa to compete directly with China\u2019s state-backed <strong>UnionPay<\/strong>, which has historically dominated the domestic market of over <strong>10.27 billion issued bank cards<\/strong>.<\/p>\n<h2>Competitive Landscape and Market Context<\/h2>\n<p>Visa&#39;s progress follows in the footsteps of its primary rival, Mastercard (<a href=\"\/stock\/MA\">MA<\/a>), which received formal approval to commence domestic clearing in <strong>November 2023<\/strong> through a joint venture with NetsUnion Clearing. American Express (<a href=\"\/stock\/AXP\">AXP<\/a>) was the first foreign network to gain such access in 2020.<\/p>\n<p>While the approval marks a major breakthrough, foreign players face a challenging landscape dominated by mobile payment giants <strong>Alipay<\/strong> and <strong>WeChat Pay<\/strong>. However, the sheer volume of the market\u2014which included <strong>677 million credit and combo cards<\/strong> as of Q2 2026\u2014presents a massive opportunity for Western networks to capture a share of domestic spending.<\/p>\n<h2>Multiple Casualties in Incheon Supermarket Attack<\/h2>\n<p>In a separate and developing story, South Korean authorities are responding to a violent incident in <strong>Incheon<\/strong>, where multiple people were injured in a stabbing at a <strong>Homeplus supermarket<\/strong> branch. Early reports from local media and the <strong>Yonhap News Agency<\/strong> indicate that between <strong>six and eight people<\/strong> sustained injuries during the attack.<\/p>\n<p>Emergency services confirmed that at least one victim suffered <strong>cardiac arrest<\/strong> at the scene. The motive for the attack remains under investigation, and police have not yet released details regarding a suspect. This incident has sparked renewed concerns over public safety in South Korea following a series of similar random attacks in urban centers over the past year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways Visa (V) received approval from the People&#39;s Bank of China (PBOC) to begin formal preparations for establishing a 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