Trump Presses Xi Jinping on Visa, Mastercard Access to Chinese Market
President Donald Trump pressed Chinese President Xi Jinping for broader access for U.S. credit card companies during recent talks in China. Trump highlighted Visa during a Fox News interview the same day, noting its CEO joined the U.S. delegation. The comments come as American Express, Mastercard and Visa have secured incremental footholds in China's payments market since 2015.
thehindu.comU.S. credit card companies during talks with Chinese President Xi Jinping. U.S.
Business executives. Visa CEO Ryan McInerney was among them. "We had the head of Visa there today, by the way. Visa is a big deal," Trump said during an interview with Sean Hannity of Fox News on Thursday.
The president recounted pressing his Chinese counterpart on the issue. ’" Trump said. "For some reason, they were blackballed, and maybe that will come off," Trump added. U.S.
Businesses as part of ongoing trade negotiations between the two nations. U.S. -China trade tensions. In 2015, China announced rules allowing foreign bank-card clearing firms to enter its domestic payments market, ending the long-standing monopoly of state-owned China UnionPay Co.
In 2020, American Express secured approval to launch bank card clearing operations in China. Three years later, in 2023, China approved Mastercard to clear domestic yuan-denominated bank-card transactions through its joint venture with NetsUnion Clearing Corporation. In 2024, Mastercard partnered with Alipay to expand its cross-border remittance capabilities in China.
Alipay has a consumer base of over a billion people in China. Visa Inc. is listed on the NYSE under ticker V. Mastercard Inc. American Express Co.
Key Facts
Story Timeline
6 events- 2026-05-15
President Trump interviewed by Sean Hannity on Fox News, recounts raising Visa access with Xi Jinping and notes Visa CEO Ryan McInerney was present that day
1 sourceBenzinga - 2026-05-15
Trump holds talks with Chinese President Xi Jinping during state visit to China accompanied by roughly 30 U.S. business executives including Visa CEO Ryan McInerney
1 sourceBenzinga - 2024
Mastercard partners with Alipay to expand cross-border remittance capabilities, gaining access to Alipay's consumer base of over a billion people
1 sourceBenzinga - 2023
China approves Mastercard to clear domestic yuan-denominated transactions through joint venture with NetsUnion Clearing Corporation
1 sourceBenzinga - 2020
American Express secures approval to launch bank card clearing operations in China
1 sourceBenzinga - 2015
China announces rules allowing foreign bank-card clearing firms to enter its domestic payments market
1 sourceBenzinga
Potential Impact
- 01
Positive market sentiment for Visa, Mastercard and American Express stocks given presidential attention
- 02
Strengthened negotiating position for other U.S. financial firms in ongoing U.S.-China trade talks
- 03
Potential removal of remaining barriers for Visa in China's domestic payments market
- 04
Possible increase in competitive pressure on China UnionPay from additional foreign card networks
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