May 14 – UnionPay International and China Travel Service, Head Office (hereinafter referred to as “CTS”) co-organize a forum on the tendency of overseas tourism spending by Chinese citizens in Shanghai. At the same time, the two sides also sign a 2014 overall business cooperation agreement, agreeing to further deepen bilateral cooperation, provide UnionPay cardholders (card number starting with 62) all-sided services covering reservation, payment, travel and shopping, and enhance their travel experience.
At the forum, representatives from travel agencies, UnionPay International, banks, media and other institutions analyze some data, exchange views on the tendency of outbound travel, overseas spending, payment characteristics, etc., and study approaches to further optimize the service for outbound tourism spending.
According to some statistics, the number of Chinese outbound tourists is still on rapid growth. Since 2004, the growth rate remains at a level of about 20% and is likely to maintain a rapid growth momentum for a fairly long time. The number of Chinese outbound tourists in 2014 is expected to increase by about 15% year on year, bringing the figure to 110 million.
In recent years, outbound travel shows the following obvious tendencies: firstly, in terms of tourist destinations, Asian destinations represented by Hong Kong, Macau, Thailand and South Korea took up over 80% of the outbound tourism market in 2013 due to short journey, low cost, high revisit ratio and some other advantages. Secondly, in terms of overseas spending, tourists are more willing to spend on food. 70% of outbound tourists wish to enjoy special cuisines overseas and 57% have overseas shopping needs. Thirdly, in terms of tourism payment service, UnionPay card has become an indispensable payment tool for more and more outbound tourists. With the expansion of UnionPay overseas acceptance network, since 2004, the UnionPay overseas merchant transaction volume has maintained an annual growth rate of over 60% and ATM transaction volume over 15%. The payment made by outbound tourists via UnionPay network last year accounted for 80% of the total, which was already at a very high level.
CTS is a travel agency enterprise group with great market influence. UnionPay card acceptance network has covered almost all hot areas and places frequently visited by Chinese tourists. The all-round cooperation between UnionPay International and CTS is conducive to further integrating the advantages and resources of the two sides. The combination of the two powerful brands may provide an extensive demonstration effect in terms of brand cooperation.
This year, the two sides, based on previous cooperation, will respectively provide outbound tourists with abundant card-using rewards covering group purchase, airport duty-free shops, merchants, card-using, etc.. The overseas card-using reward activities will be carried out in 15 major foreign cities, compared to the previous 10.
To use UnionPay card more and carry less cash, Chinese tourists can not only enjoy convenient and safe payment experience with exempted currency conversion fee of 1%-2% but also receive more value-added service by participating in the above activities. Currently, UnionPay cards have become accepted in more than 140 countries and regions by over 12 million merchants and over 1.1 million ATMs.
About UnionPay International
UnionPay International (UPI) is a subsidiary of China UnionPay focused on the growth and support of UnionPay’s global business. As a membership organization with over 300 members worldwide, UnionPay International has enabled card acceptance in over 140 countries and issuing in more than 30 countries. UnionPay International provides high quality, cost effective and secure cross-border payment services to the world’s largest cardholder base and ensures convenient local services to a growing number of global UnionPay cardholders and merchants.
For more information on UnionPay International, please visit: www.unionpayintl.com.
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