Former U.S. President Donald Trump advocated for Visa Inc. to gain broader access to China's credit card market during a state visit. Trump questioned President Xi Jinping on why China has blackballed the company. Visa CEO Ryan McInerney joined the U.S. business delegation for the visit.
Trump expressed optimism for a potential change in Visa's licensing status. Visa currently lacks a license to operate in China, while competitors American Express and Mastercard have secured entry. The Chinese market includes billions of bank cards in circulation. Annual transaction values in the region reach trillions of dollars. This market represents a massive untapped opportunity for the company.