Citi and Bank of Shanghai Launch First-of-Its-Kind Payments Solution for International Travelers in China
Citigroup, Inc. (C)
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Source: Business Wire
SHANGHAI--(BUSINESS WIRE)--Today, Citi (NYSE: C) and Bank of Shanghai launched a first-of-its-kind payments solution on Bank of Shanghai’s TourCard. The TourCard aims to provide international travelers a straightforward, cost-efficient and more streamlined Chinese yuan renminbi (CNY) payment journey while traveling in China.This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241112572734/en/The payment service is facilitated by Citi’s industry-leading USD Clearing solution and its full-value transfers, which ensures the final beneficiary receives their money at full value with no deductions. The innovation helps enable travelers to add funds to their TourCard digital account with Bank of Shanghai from another source, helping to make the payment experience smoother when settling expenses locally.Mobile wallets have become the dominant payment method in China, with over 84% of users utilizing them for transactions in the past
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