SINGAPORE, 28 January 2018: With the Chinese New Year holiday fast approaching, outbound travel from China is expected to see a massive growth in the Asia Pacific region.
A Hurun report found that 64% of affluent Chinese planned to travel overseas during the CNY period this year. Other reports suggested as many as 7 million Chinese will travel overseas during the weeklong holiday.
However, one of the major pain points facing travellers is being confronted with many different currencies – and having to deal with foreign exchange rate fluctuations, especially unfavourable ones.
To address this pain point, Wirecard, a digital financial technology provider, has partnered with United Money, a leading currency exchange company in China, to issue multi-currency Visa cards.
The Travel CashCard allows users to lock in favourable exchange rates before travelling, which is an ideal alternative to traveller’s checks and cash.
This solution is targeted at Chinese nationals who plan to travel abroad and are seeking a widely accepted and convenient payment method, which can be managed via an online account. The digital card supports currencies from the most-visited regions of the world: Australia, Hong Kong, Japan, Singapore, the UK, US and Eurozone.
Currently, United Money manages close to 100 exchange offices in major airports, business districts and upscale communities nationwide and serves millions of consumers.
United Money founder Jiang Zhongmo, said: “We are delighted to offer our customers a reliable and secure payment solution, which is backed by trusted industry leaders Wirecard and Visa.”
Consumers can load the cards before traveling, locking in exchange rates. United Money, one of the first officially recognized currency exchange companies in China, offers additional services in VAT refund processing and banknotes wholesale.
The multi-currency cards allow users to lock in favourable exchange rates before traveling, presenting an attractive opportunity for millions of Chinese travellers currently fulfilled by cash or traveller’s checks.
A study by Coresight Research on Chinese outbound tourists found that foreign exchange rate fluctuations, especially unfavourable ones, would affect frequent travellers’ decisions when choosing a destination.
By using the Wirecard-issued multi-currency Visa card, travellers can avoid this problem and take advantage of favourable exchange rates instead.
