Mastercard Incorporated (NYSE:MA) and Ant Group, alongside 12 global payment partners of Alipay+ and other leading international card networks, have expanded the International Consumer Friendly Zones program to Chengdu and Chongqing in Western China.
This expansion responds to increased inbound travel, fueled by growing international tourism and trade in the region.
Chengdu and Chongqing have emerged as key destinations for international tourists, ranking in the top ten for inbound tourism in the first quarter of 2024.
Supported by local government collaboration, the International Consumer Friendly Zones initiative will encompass over 60 primary shopping districts, popular tourist sites, international airports, and high-speed railway stations across both cities.
Participating merchants will enhance payment visibility, prominently displaying signage to inform customers about the variety of digital payment options available through Ant Group and its partners.
In the first half of 2024, spending by international visitors in Chengdu and Chongqing using digital payment methods supported by Ant Group and its partners surged by 13 times compared to the previous year.
Among the e-wallet partners of Alipay+, including AlipayHK, Touch ‘n Go eWallet (Malaysia), and TrueMoney (Thailand), these ranked as the top three in terms of visitor transaction volume.
Ant Group now offers 2 mobile payment alternatives for international visitors in China.
The other option allows visitors to bind major international bank cards — Mastercard, Visa Inc.(NYSE:V), JCB, Discover, and Diners Club International — to the Alipay app.
Price Action: MA shares are trading higher by 0.41% to $446.48 at last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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