China: visa, master Card and other global card issuers are looking to lower the fees they charge local merchants for overseas card transactions.
The China Payments Association has proposed to card issuers to reduce their fees to 1.5% from the current 2-3%. report on Friday (June 21), citing anonymous sources.
Mastercard reportedly told Bloomberg that it has received such proposals and is working with payments industry partners to reduce costs.
The association’s proposal is part of efforts by the Chinese government to encourage merchants to accept foreign cards, which most currently are reluctant to do because of fees, the report said.
Mastercard will launch a new service in June 2023. Alipay It will offer new payment options to foreign tourists visiting China, enabling them to go cashless when travelling within mainland China.
The Alipay and Mastercard partnership means international card transactions completed through the Alipay digital wallet can be processed through Mastercard’s omnichannel payments platform, making it easier for small and medium-sized businesses (SMBs) to accept payments from anywhere in the world.
“The new services offered by Alipay and Mastercard will not only enhance the experience for international travelers visiting China, but also bring more business opportunities to merchants on the Alipay Open platform as global travel grows rapidly.” Venetia Lee“We are excited to join forces with Ant Group to bring our innovative solutions to the global market,” said Mr.
Also in June 2023, Tencent The company offers Visa credit cards through its WeChat This will allow foreign tourists visiting China to make payments via the WeChat app.
At the time, it was reported that linking international credit cards to the WeChat app would solve the challenges faced by foreign travelers when paying for goods and services in China.
Many stores and restaurants in the country only accepted mobile payments, and only a few businesses were allowed to accept foreign-issued credit cards.
Prior to the agreement, foreign travelers who wanted to use Tencent’s mobile payments network had to open a Chinese bank account.
