Citi and Bank of Shanghai Launch First-of-Its-Kind Payments Solution for International Travelers in China
Citi and Bank of Shanghai have launched an innovative payments solution on Bank of Shanghai's TourCard, designed to provide international travelers with an efficient CNY payment system in China. The service utilizes Citi's USD Clearing solution and full-value transfers, enabling travelers to add funds to their TourCard digital account. The TourCard, valid for 90 days, allows overseas travelers to make mobile payments through China-based digital wallet apps. The solution addresses challenges faced by international travelers, including credit card acceptance issues and high FX charges. Citi's USD Clearing service operates 24/7 and serves over 200 financial institutions globally since 2022.
Citi e la Banca di Shanghai hanno lanciato una soluzione di pagamento innovativa sulla TourCard della Banca di Shanghai, progettata per offrire ai viaggiatori internazionali un efficiente sistema di pagamento in CNY in Cina. Il servizio utilizza la soluzione di liquidazione in USD di Citi e trasferimenti a valore pieno, consentendo ai viaggiatori di aggiungere fondi al loro account digitale TourCard. La TourCard, valida per 90 giorni, permette ai viaggiatori stranieri di effettuare pagamenti mobili tramite app di portafoglio digitale basate in Cina. La soluzione affronta le sfide che i viaggiatori internazionali devono affrontare, tra cui problemi di accettazione delle carte di credito e elevate commissioni sui cambi. Il servizio di liquidazione in USD di Citi è operativo 24 ore su 24 e serve oltre 200 istituzioni finanziarie a livello globale dal 2022.
Citi y el Banco de Shanghai han lanzado una solución de pagos innovadora en la TourCard del Banco de Shanghai, diseñada para proporcionar a los viajeros internacionales un sistema de pago en CNY eficiente en China. El servicio utiliza la solución de liquidación en USD de Citi y transferencias a valor total, lo que permite a los viajeros agregar fondos a su cuenta digital TourCard. La TourCard, válida por 90 días, permite a los viajeros en el extranjero realizar pagos móviles a través de aplicaciones de billetera digital basadas en China. La solución aborda los desafíos que enfrentan los viajeros internacionales, incluyendo problemas de aceptación de tarjetas de crédito y altas tarifas de cambio. El servicio de liquidación en USD de Citi opera las 24 horas del día, los 7 días de la semana y atiende a más de 200 instituciones financieras en todo el mundo desde 2022.
씨티와 상하이은행은 상하이은행의 투어카드에서 혁신적인 결제 솔루션을 출시했습니다. 이 솔루션은 국제 여행자에게 중국에서 효율적인 CNY 결제 시스템을 제공하기 위해 설계되었습니다. 이 서비스는 씨티의 USD 청산 솔루션과 전체 가치 이전을 활용하여 여행자가 투어카드 디지털 계정에 자금을 추가할 수 있도록 합니다. 90일 동안 유효한 투어카드는 해외 여행자가 중국 기반 디지털 지갑 앱을 통해 모바일 결제를 할 수 있게 해줍니다. 이 솔루션은 외환 수수료가 높은 신용카드 수락 문제 등 국제 여행자가 직면한 도전에 대응합니다. 씨티의 USD 청산 서비스는 연중무휴 24시간 운영되며, 2022년부터 전 세계 200개 이상의 금융 기관에 서비스를 제공합니다.
Citi et la Banque de Shanghai ont lancé une solution de paiement innovante sur la TourCard de la Banque de Shanghai, conçue pour offrir aux voyageurs internationaux un système de paiement en CNY efficace en Chine. Le service utilise la solution de compensation USD de Citi et des transferts à pleine valeur, permettant aux voyageurs d'ajouter des fonds à leur compte numérique TourCard. La TourCard, valable 90 jours, permet aux voyageurs étrangers de réaliser des paiements mobiles via des applications de portefeuille numérique basées en Chine. La solution répond aux défis auxquels sont confrontés les voyageurs internationaux, notamment les problèmes d'acceptation des cartes de crédit et les frais de change élevés. Le service de compensation USD de Citi fonctionne 24 heures sur 24 et sert plus de 200 institutions financières dans le monde depuis 2022.
Citi und die Bank von Shanghai haben eine innovative Zahlungslösung auf der TourCard der Bank von Shanghai eingeführt, die internationalen Reisenden ein effizientes CNY-Zahlungssystem in China bieten soll. Der Service nutzt die USD Clearing-Lösung von Citi und Vollwertüberweisungen, die es Reisenden ermöglichen, Geld auf ihr digitales TourCard-Konto einzuzahlen. Die TourCard, die 90 Tage gültig ist, erlaubt es ausländischen Reisenden, mobile Zahlungen über in China ansässige digitale Wallet-Apps zu tätigen. Die Lösung begegnet den Herausforderungen, mit denen internationale Reisende konfrontiert sind, einschließlich der Akzeptanz von Kreditkarten und hohen Fremdwährungsgebühren. Der USD Clearing-Service von Citi arbeitet rund um die Uhr und bedient seit 2022 über 200 Finanzinstitute weltweit.
- First bank approved by Chinese regulators for TourCard flow
- Integration with dominant mobile payment methods used by 84% of users in China
- 24/7 USD Clearing service available across 1,500 financial institution customers globally
- Over 200 financial institutions using Citi's 24/7 USD Clearing service
- None.
Insights
This innovative cross-border payment solution represents a significant advancement in addressing a major pain point for international travelers in China. The integration of Citi's USD Clearing with Bank of Shanghai's TourCard creates a strategic competitive advantage in the lucrative Chinese tourism market.
The solution's key strengths include fee reduction through full-value transfers, seamless integration with China's dominant mobile payment ecosystem and regulatory compliance as the first approved solution of its kind. With mobile payments accounting for
The partnership leverages Citi's extensive FI network of 1,500 customers and growing 24/7 USD Clearing service adoption, indicating strong potential for scaling this solution globally. This development strengthens Citi's competitive position in cross-border payments and demonstrates successful execution of their digital transformation strategy.
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
Swift Go is Swift’s fast, secure and predictable low-value payments solution that offers end-to-end visibility on payment status, as well as transparency on fees and FX costs.
“Our collaboration with Bank of Shanghai provides an end-to-end solution for international travelers so they can enjoy their travel experience throughout
Bank of Shanghai's TourCard is a prepaid card specifically designed for overseas travelers to make mobile payments in
“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.” – Hu Debin, Vice President and CIO, Bank of Shanghai
"Around the world, people are expecting more when they move money across borders – more speed, certainty and choice. This is a great example of how we are working with our community to raise the bar, enabling new options for financial institutions to elevate the experience for their customers.” – Kevin Wong, Chief Executive, APAC, Swift
Citi’s USD Clearing enables financial institutions (FI) to make USD payments across Citi's 1,500 FI customers globally, 24 hours a day, 7 days a week, including holidays in
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of
Additional information may be found at www.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi
About Bank of Shanghai
With 300+ outlets in top tier-1 cities in mainland
Additional information may be found at www.bosc.cn.
References
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GlobalData: Mobile wallets dominate
China payment landscape with over84% user adoption, reveals GlobalData
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112572734/en/
Media Contacts:
Citi
Victoria Ifan
Victoria.ifan@citi.com
Marine Mao
marine.mao@citi.com
Bank of Shanghai
Tai Jia
taijia@bosc.cn
Mei Yu
meiyu@bosc.cn
Source: Citigroup Inc.
FAQ
What is the new payment solution launched by Citi (C) and Bank of Shanghai in 2024?
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