China is intensifying efforts to ease payment processes for foreign tourists by urging global card issuers Visa and Mastercard to lower their bank card transaction fees in the country. The Payment & Clearing Association of China is currently in talks with Visa and Mastercard to reduce fees charged on transactions made by foreign cards, as reported by Bloomberg News. The association has proposed a decrease in fees from the current 2-3% to 1.5%, aiming to make payments more affordable for overseas visitors.
Negotiations with Global Card Issuers
According to the report, the Payment & Clearing Association of China is actively engaged in discussions with Visa and Mastercard regarding the adjustment of transaction fees. Mastercard has acknowledged receiving the proposal from the industry association and expressed its commitment to collaborating with partners to decrease costs for local businesses that accept foreign bank cards. Visa and Mastercard have yet to respond to requests for comments from Reuters on this matter, signaling ongoing deliberations on the proposed fee reduction.
Efforts Towards Lowering Transaction Costs
In a bid to enhance the payment experience for international travelers, the industry group released a proposal earlier this week to global card issuers advocating for a reduction in transaction fees. While specific details of the price cut were not disclosed, the association's initiative underscores China's commitment to fostering a more visitor-friendly payment environment. By encouraging Visa and Mastercard to trim transaction fees, China aims to attract more foreign visitors and boost tourism-related spending in the country.
In summary, the push for Visa and Mastercard to lower bank card transaction fees in China reflects the nation's dedication to enhancing the payment landscape for international tourists. As discussions continue between the Payment & Clearing Association of China and global card issuers, the prospect of reduced transaction costs signals a potential positive impact on the overall visitor experience in the country.