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Subject:  Jan 06 2003 : ChinaERG broader marekts in particular Asian reatil markets |
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Author: Visa will launch its International Travel Card |
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Date Posted: 01:45:51 02/05/03 Wed In reply to: Visa's moves in mainland China are of note also. 's message, "Re: ERG broader marekts in particular Asian reatil markets" on 17:06:22 02/04/03 Tue Visa To Launch Its Travel Cards in China Lafferty Publications Jan 06 2003 : China is the third market in the Asia-Pacific region where Visa will launch its International Travel Card, to tie in with the aim of China UnionPay to unify the country's payment systems by 2005. Visa's Travel Card can be used at any of Visa's 29 million global acceptance locations, including 800,000 ATMs. Since many payment cards issued in China, can only be used in specific cities or regions, the new card will "allow Visa to address some of the challenges it faces in China, such as increasing familiarity with payment cards [in general]", according to Cards International. International payment cards are currently available in China, but Visa "believes there is a lack of understanding of card products and a perception that application procedures are cumbersome, which both hinder take-up", CI reports. As Visa CEO, Malcolm Williamson, explains, "while visitors can take their foreign cards to China and get them accepted, local cards can't come out of China and be used anywhere - not even within China". The Travel Card has been successful in Indonesia and Korea, affirming Visa's belief that the region is a prime market for prepaid cards. Apart from giving Visa "an opportunity to open up a lucrative new revenue stream", CI states, the International Travel Card is targeted at China's 10 million outbound international travelers, 5 per cent of whom only carry internationally-accepted payment cards. Instead, over 50 per cent carried over USD 1,000 in cash on each overseas trip, according to CI. The Travel Cards are issued to customers pre-loaded with funds, and can be topped up either by cash, check or a transfer from a credit account at any Visa bank, implying that the cardholder need not have an existing banking relationship. [ Next Thread | Previous Thread | Next Message | Previous Message ] |