⚡️China🇨🇳 is attempting to pressure Visa and Mastercard's fee policy

⚡️China🇨🇳 is attempting to pressure Visa and Mastercard's fee policy

In order to reduce foreign tourists' spending in the Middle Kingdom, China has asked Visa and Mastercard to lower their bank card transaction fees. Retail is increasingly shifting towards digital and cashless, but most Chinese merchants are reluctant to accept foreign bank cards due to high costs.

➡️ The China Payment and Clearing Association proposes reducing the current 2-3% rate to 1.5%, according to the report. However, this reduction applies only to cards issued outside of China.

➡️ According to NIA data, the number of foreign visitors to China in the first quarter of 2024 increased more than threefold compared to the same period in 2023.

#news #China