With the resumption of travel and tourism to China in full swing, Mastercard and Alipay, China’s digital open platform under Ant Group, have announced the launch of a new cashless payment option for international visitors to China.
Extending a partnership established in 2019 to provide enhanced digital payment solutions to both consumers and merchants, the new service by Alipay and Mastercard offers international visitors to China an additional safe and convenient way to pay like a local when travelling throughout the Chinese Mainland, regardless of where their Mastercard was issued. The only requirement for cardholders is to connect their existing Mastercard credit or debit card to the Alipay digital wallet. There is no requirement to create or replenish a prepaid account. (Here, download the pocketbook.)
Mastercard cardholders from around the world will be able to transact in China with the same ease and convenience as locals by having the option to pay cashless, via mobile devices, at tens of millions of Alipay acceptance locations across the country where QR codes are the most popular form of payment.
According to the Mastercard Economics Institute’s fourth annual travel report, Travel Industry Trends 2023, the global sector is rebounding, with leisure travel bookings up approximately 31 percent in March 2023 compared to the same period in 2019, primarily due to the spending habits of high-income consumers. It is anticipated that popular travel destinations, such as the Chinese mainland, will actively benefit from this development.
Venetia Lee, general manager of Ant Group Greater China International Business, stated, “We strive to enable more consumers and SMEs to enjoy the benefits inclusive digital payment services provide.” “The new service offered by Alipay and Mastercard will not only improve the experience of foreign visitors to China, but it will also open up more business opportunities for merchants on the Alipay open platform as global travel is projected to grow rapidly.”
For merchants, particularly small and medium-sized businesses (SMBs), the Alipay-Mastercard partnership expands their opportunities to transact with international tourists, who will now have access to the most widely accepted payment method in China, allowing them to navigate the country with ease and convenience.
Thanks to Mastercard Payment Gateway Services (MPGS), overseas card transactions completed on the Alipay digital wallet are processed through Mastercard’s omnichannel payments platform, which enables merchants – large and small – to easily accept a payment from anywhere in the world, thereby enabling businesses to grow and consumers to transact safely and securely at home and abroad.
“This next step in the partnership with Ant Group exemplifies Mastercard’s long-term commitment to the China market, as well as the company’s continuous global effort to power economies and empower people,” said Dennis Chang, Executive Vice President and Division President, Greater China, Mastercard. “As the travel and tourism industry recovers, Mastercard is pleased to partner with Alipay to enable cardholders around the world to enjoy the highest level of payments security, convenience, and peace of mind while working, playing, resting, and roaming in China.”
In addition, beginning immediately, travellers holding Mastercard cards issued in South Korea and China’s Hong Kong SAR, Macao SAR, and Taiwan regions can register at Mastercard Travel Rewards to receive additional benefits such as cashback for spending on popular travel activities like shopping, dining, sightseeing, and transportation.
Source- travel daily
Link- https://www.traveldailymedia.com/alipay-and-mastercard-offer-international-travellers-ways-to-make-cashless-payments-in-china/
