Mastercard and Alipay have announced an expanded cooperation that will allow Mastercard cardholders around the world to make cashless payments in Mainland China using their mobile devices. This partnership will enable users to pay at tens of millions of Alipay-accepting locations, providing a convenient and seamless payment experience for international travelers.
In addition, tourists holding a Mastercard issued in Hong Kong, Macau, Taiwan, or South Korea can now register with Mastercard Travel Rewards and enjoy extra benefits such as cash rebates in popular travel activities like shopping, dining, sightseeing, and transportation. This initiative aims to enhance the travel experience for inbound international tourists and stimulate overseas business opportunities for merchants on the Alipay platform.
Li Yongshi, General Manager of International Business in Greater China, Ant Group, expressed his excitement about the collaboration, stating that it will not only improve the travel experience for international tourists but also provide more business opportunities for merchants on the Alipay platform. This partnership comes at a time when the global tourism industry is recovering, with leisure travel bookings in March 2023 increasing by approximately 31% compared to the same period in 2019, driven by high-income consumers.
The expanded cooperation between Mastercard and Alipay is expected to further boost the recovery of the global tourism industry and provide a seamless payment experience for travelers visiting Mainland China. With the increasing popularity of mobile payments, this partnership will cater to the growing demand for cashless transactions and enhance the convenience and efficiency of payment methods for international travelers.
In other news, China Gold is reported to be sponsoring Jitu’s listing, and Cainiao plans to change its sponsors to CITIC and JPMorgan. HSBC Hong Kong and Shanghai have appointed a former KPMG Hong Kong partner as an independent non-executive director. The half-day short selling amount reached 6.1 billion, with Profit & Fortune having the largest short selling amount. Ping An OneConnect has won the Annual Virtual Silver Excellence Award from Bloomberg Businessweek/Chinese Edition. PCCW has announced that Canal+’s strategic investment in VIU can be increased to 51% after exercise. Xie Ruilin has reported a loss of 71.44 million for the whole year without paying a final dividend. The Hang Seng Index fell 373 points in half a day, and the KCI fell 2.2%. Greater Bay Area Airlines plans to increase flights between Hong Kong and Ho Chi Minh City in July. The Ministry of Industry and Information Technology aims to increase the proportion of electric vehicles in cities and cultivate international automobile groups. Chen Long, President of Ali Strategic Planning, has stated that AI changes are currently limited to tools and content.
Overall, these developments in the financial and technology sectors highlight the ongoing advancements in payment systems and the recovery of the global tourism industry. The partnership between Mastercard and Alipay will undoubtedly provide a more convenient and efficient payment experience for international travelers visiting Mainland China.
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Card and Alipay will allow Mastercard cardholders worldwide to make cashless payments in Mainland China using their mobile devices. This collaboration aims to provide a convenient and seamless payment experience for international travelers at millions of Alipay-accepting locations.
Furthermore, tourists holding a Mastercard issued in Hong Kong, Macau, Taiwan, or South Korea can now register with Mastercard Travel Rewards and enjoy extra benefits. These benefits include cash rebates in popular travel activities like shopping, dining, sightseeing, and transportation. The goal of this initiative is to enhance the travel experience for inbound international tourists and stimulate overseas business opportunities for merchants on the Alipay platform.
Li Yongshi, the General Manager of International Business in Greater China, Ant Group, expressed excitement about the collaboration. He believes it will not only improve the travel experience for international tourists but also provide more business opportunities for merchants on the Alipay platform. This partnership comes at a crucial time as the global tourism industry is recovering, with leisure travel bookings in March 2023 increasing by approximately 31% compared to the same period in 2019. This growth is driven by high-income consumers.
Overall, the expanded cooperation between Mastercard and Alipay will enable international travelers to easily make cashless payments in Mainland China, while also providing additional benefits for tourists holding certain Mastercard cards. This collaboration is expected to further drive the recovery of the tourism industry and benefit both travelers and merchants on the Alipay platform.
