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Citi and Bank of Shanghai have collaborated to unveil an innovative payment solution integrated into Bank of Shanghai’s TourCard. This revolutionary TourCard is designed to cater specifically to international tourists, offering them a simple, cost-effective, and seamless experience for making payments in Chinese yuan renminbi (CNY) while exploring China.
Utilizing Citi’s USD Clearing solution, along with comprehensive full-value transfers, the payment service ensures that the final beneficiary receives the complete amount without any deductions or hidden fees. This forward-thinking innovation also allows travelers to effortlessly preload funds onto their TourCard digital account from alternative sources, significantly enhancing the convenience of local expense settlements.
With the TourCard solution powered by Citi, travelers can now seamlessly access local currency in China by linking a Bank of Shanghai CNY virtual account to their digital wallets through the TourCard mini-app. The entire funding process and return of funds will be expedited using Citi’s full-value transfer solution, which leverages Swift Go along with Citi’s proprietary SwiftGo converter technology. Notably, the Bank of Shanghai’s TourCard is a prepaid card specially tailored for international travelers, allowing them to engage in mobile payments throughout China.
Swift Go is renowned as Swift’s efficient, secure, and reliable low-value payment solution. It provides users with complete end-to-end visibility regarding payment statuses, alongside transparency concerning fees and foreign exchange costs.
“Our collaboration with Bank of Shanghai provides 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. This initiative exemplifies how our Services business consistently delivers 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 optimized service will enhance payment convenience and provide overseas travelers with an excellent mobile payment experience in China,” stated Hu Debin, Vice President and CIO of the Bank of Shanghai.
**Interview with Jane Chen, Regional Director of Bank of Shanghai**
**Editor**: Jane, thank you for joining us today. We’re excited to hear about the recent collaboration between Bank of Shanghai and Citi. Can you tell us more about the new TourCard and its significance for international tourists?
**Jane Chen**: Thank you for having me. The TourCard is essentially a game-changer for international tourists visiting China. It’s specifically designed to simplify the payment process while ensuring travelers can use Chinese yuan renminbi effortlessly. We recognized that many tourists face challenges with currency exchange and additional fees, and we wanted to create a solution that addresses these pain points.
**Editor**: That’s an interesting concept! How does the integration of Citi’s USD Clearing solution enhance this payment experience?
**Jane Chen**: By integrating Citi’s USD Clearing solution, we ensure that travelers can preload funds without worrying about hidden fees or deductions. The final beneficiary—whether it’s a local merchant or service provider—receives the entire amount in full, allowing for seamless transactions. This transparency is crucial for building trust with our users while they explore our beautiful country.
**Editor**: It sounds very user-friendly. Can you share how tourists can acquire and use the TourCard?
**Jane Chen**: Absolutely! Tourists can easily acquire the TourCard through our online platform or at designated points of entry in China, such as airports or tourist information centers. Once they have the card, they can preload it with funds in a few simple steps. They can then use it at various merchants throughout the country that accept CNY, making their purchase experience smooth and hassle-free.
**Editor**: That’s fantastic. how do you see this collaboration impacting tourism in China moving forward?
**Jane Chen**: We believe that the TourCard will significantly enhance the overall experience for international tourists in China. By providing a cost-effective and straightforward payment option, we aim to attract more visitors and encourage them to explore more of what China has to offer. We’re excited to be at the forefront of this innovative solution and look forward to seeing the positive impact on tourism.
**Editor**: Thank you, Jane. It sounds like a promising development for both travelers and the industry. We appreciate your insights!
**Jane Chen**: Thank you for having me! It’s been a pleasure.
