Following this announcement, the payment solution was launched on Bank of Shanghai’s TourCard, aiming to provide international travelers with access to a straightforward, cost-efficient, and secure Chinese yuan renminbi (CNY) payment journey while traveling in the region of China.
In addition, both companies will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
Bank of Shanghai's TourCard represents a prepaid card specifically designed for overseas travelers to make mobile payments in China. After they enter mainland China, overseas travelers have the possibility to apply for a TourCard online via Bank of Shanghai or China-based digital wallet apps, and it is valid for 90 days from the date of issuance.
As international payments are often impacted by credit card acceptance issues, high interchange costs, and foreign exchange (FX) charges, causing friction in the process, the collaboration between Citi and Bank of Shanghai will provide an end-to-end solution for international travelers so they can enjoy their travel experience throughout China without having to worry about their payment method.
The new payment solution is facilitated by Citi’s USD Clearing service and its full-value transfers, which were developed to ensure the final beneficiary receives their money at full value with no deductions. The product will optimise the manner in which travelers add funds to their TourCard digital account with Bank of Shanghai from another source, aiming to make the overall payment experience smoother when settling expenses locally.
At the same time, with Bank of Shanghai’s TourCard solution powered by Citi, travelers will have the possibility to access the local currency in China by linking a Bank of Shanghai CNY virtual account to their respective digital wallets in the Bank of Shanghai TourCard mini-app. The funding and final return of funds will take place through the use of a Citi full-value transfer solution, powered by Swift Go and using Citi’s proprietary SwiftGo converter.
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