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
“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.
