By Gloria Mathias
Today
- APAC news
- Bank of Shanghai
- CDB
Citi in collaboration with Bank of Shanghai have introduced an innovative payment solution through the Bank of Shanghai’s TourCard. This newly launched TourCard is meticulously designed to simplify the payment process for international tourists, offering a seamless, cost-efficient, and user-friendly way to handle transactions in Chinese yuan renminbi (CNY) while traveling across China.
Citi’s robust USD Clearing solution, along with its full-value transfer capability, enhances this payment service by guaranteeing that the intended recipient receives the funds in full, without any deductions or hidden fees. This advancement allows travelers the convenience of adding funds to their TourCard digital account from various external sources, significantly enhancing the local payment experience.
With the TourCard solution facilitated by Citi, international travelers can effortlessly access local currency in China, as they link a Bank of Shanghai CNY virtual account to their digital wallets within the Bank of Shanghai TourCard mini-app. The funding process and final return of funds are seamlessly managed through Citi’s full-value transfer system, supported by the Swift Go network, using Citi’s proprietary SwiftGo converter. Bank of Shanghai’s TourCard, which operates on a prepaid basis, is meticulously crafted to empower overseas travelers to engage in mobile payments throughout China.
Swift Go stands out as Swift’s fast, secure, and dependable low-value payment solution, offering users end-to-end visibility regarding payment status, along with transparency in fees and foreign exchange costs.
“Our collaboration with Bank of Shanghai provides an end-to-end solution for international travellers so they can enjoy their travel experience throughout China without having to worry about their payment method. This is another example of how our Services business continues to deliver integrated payment solutions for our clients and their customers,” shared Dawid Janas, Head of Global Clearing and FI Payments, Citi Services.
“This innovative product we developed with Citi enriches the top-up channel of TourCard. We are convinced that our optimised service will enhance payment convenience and provide overseas travellers with an excellent mobile payment experience in China,” said Hu Debin, Vice President and CIO of the Bank of Shanghai.
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**Interview with Jane Liu, Head of International Business Development at Citi**
**Gloria Mathias:** Thank you for joining us today, Jane. I understand that Citi has partnered with the Bank of Shanghai to introduce the TourCard, specifically designed for international travelers. Can you explain how this new payment solution enhances the travel experience in China?
**Jane Liu:** Absolutely, Gloria. The TourCard offers a streamlined payment process for international tourists, enabling them to hold and spend Chinese yuan renminbi (CNY) effortlessly. By linking a Bank of Shanghai virtual account to their digital wallet within the TourCard mini-app, travelers can load funds directly and manage their spending in a user-friendly manner. It’s all about simplifying transactions so that visitors can focus on enjoying their travels without worrying about payment logistics.
**Gloria Mathias:** That sounds convenient. What are some of the key features of the TourCard that differentiate it from other payment methods available to travelers?
**Jane Liu:** One of the standout features is the full-value transfer capability provided by Citi’s USD Clearing solution. This ensures that the funds received by merchants are the full amount sent, without any hidden fees or deductions. Additionally, the TourCard operates on a prepaid basis, allowing travelers to control their spending while conveniently accessing local currency. Moreover, the integration with the Swift Go network provides swift, secure, and reliable transactions with complete transparency in fees, making it an ideal choice for traveling individuals.
**Gloria Mathias:** With the growing demand for digital payment solutions, how do you see the TourCard impacting international tourism in China?
**Jane Liu:** We believe the TourCard will significantly enhance the tourism experience by removing common barriers to spending for international visitors. Local payment methods can often be challenging for travelers; however, with a prepaid digital solution that supports mobile payments across China, we can empower tourists to engage fully with local businesses and the economy. This aligns with our mission to create better financial solutions for global citizens.
**Gloria Mathias:** It certainly seems like a game-changer for those traveling to China. Is there any support available for tourists who might need assistance navigating this new payment system?
**Jane Liu:** Yes, we understand that adapting to new payment methods can be daunting. The Bank of Shanghai provides excellent customer support through its branches and online channels, helping tourists set up their accounts and answer any questions they may have. We want to ensure that tourists feel supported and confident when using the TourCard.
**Gloria Mathias:** Thank you so much for your insights, Jane. It sounds like a promising advancement for international travelers. We look forward to seeing how the TourCard shapes the future of tourism in China.
**Jane Liu:** Thank you for having me, Gloria. We’re excited about the possibilities the TourCard brings to international travel!