Tuesday, 23 July 2024
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ChinaFinance

China Drives Visa and Mastercard to Slash Card Fees: Boosting Foreign Visitor Payments

  • China urges Visa and Mastercard to lower transaction fees for foreign card payments.
  • Proposal aims to reduce fees from current 2-3% to 1.5% to encourage more merchant acceptance.
  • Initiative supports China’s push towards cashless transactions and enhances convenience for international visitors.

China is pressing Visa Inc. and Mastercard Inc. to cut down on transaction fees for foreign bank cards as part of efforts to streamline payment processes for international visitors.

The Payment & Clearing Association of China is actively negotiating with these global card issuers, proposing a reduction in fees from the current 2-3% range to a lower 1.5%,

China’s Push for Lower Transaction Fees: Enhancing Accessibility for Foreign Visitors

This move aligns with China’s broader strategy to advance its digital payment infrastructure, catering to a retail sector increasingly reliant on cashless transactions. By lowering fees, China hopes to incentivize more merchants to accept foreign bank cards, thus enhancing the convenience and attractiveness of the country as a destination for global travelers.

This initiative reflects China’s broader effort to promote digital payments and cater better to the needs of foreign visitors. By lowering transaction costs, the country hopes to encourage more merchants to adopt cashless payment options, thereby enhancing convenience and accessibility for international travelers.

Visa and Mastercard have acknowledged receiving the proposal from the Payment & Clearing Association of China. While Mastercard has expressed readiness to collaborate on implementing lower fees, Visa’s response remains pending.

The Chinese government’s support for this initiative underscores its commitment to modernizing payment infrastructure and integrating more seamlessly into the global financial ecosystem. This move also aligns with efforts to boost tourism and facilitate smoother transactions for visitors from around the world.

China’s efforts to lower transaction fees for Visa and Mastercard aim to streamline international payments and boost its digital economy, reflecting a strategic push towards cashless transactions.

“Reducing transaction fees is crucial to enhancing global payment accessibility and promoting economic integration.”

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