SIX, Bank of China, UnionPay launch card for Chinese travelers
The payment market for Chinese travelers is heating up, and SIX Payment Services, Bank of China and UnionPay have unveiled a credit card for Chinese travelers shopping at European retailers.
Chinese consumers, who have been an attractive market for high-end European merchants, will receive 5% cash back on “Europe Card” purchases at select merchant partners, including Swiss jewelers Bucherer and Beyer. Payment companies are aggressively pursuing the share of Chinese travelers, with Alipay entering into a series of collaborations to expand internationally.
“The new Europe Card is a good incentive for Chinese tourists to shop at our merchants,” Jürg Weber, division chief executive at SIX, said in a Nov. 21 news release. “Additionally, merchants benefit from a free advertising platform that directs Chinese consumers towards their stores in person or in the future also via e-commerce.”
By adding UnionPay to its e-commerce portfolio SIX merchants will be able to target Chinese consumers online as well as in-store.
The Europe Card is an extension of Bank of China’s “Travel Mate Credit Card” program, which has 2 million cards based on the UnionPay scheme, including Korea Card, Japan Card and USA Card.