NEW YORK—American Express AXP is closer to becoming the first U.S. card network to offer services in China.
The People's Bank of China has accepted the credit card company's application to clear and settle bank card transactions in China, the Wall Street Journal reported.
The card company formed a joint venture with Chinese mobile payments company Lianlian in order to file the application, the Journal stated.
The Journal noted that in 2012, American Express announced it would license its "Serve" commerce technology to Lianlian, and make an equity investment in an overseas subsidiary of the Chinese company.