Visa Cardholders Set to Bring $25 Billion to China
Visa International estimates that Visa cardholders from around the world are likely to spend about US$25 billion in China over the next five years. For the year ending March 2005, Visa cardholders spent $2.1 billion in China, an 83 percent growth year over year.
But merchant acceptance of plastic card payments remains a challenge in China.
Speaking in Beijing, where Visa International is holding a major conference for its regional boards and international directors, Visa International President and CEO Christopher Rodrigues said:
"Long before the 2008 Olympic Games, which will focus the eyes of the world on Beijing, visitors from around the world are showing their hunger for all that China has to offer. The surge in in-bound tourism is providing another growth engine for the domestic economy, but inefficiencies in the payment system have to be removed. Otherwise, potentially high-spending visitors will return home frustrated and Chinese merchants will continue to lose valuable business opportunities.""The rapid growth in international tourism is one way in which China is building bridges with the world," said Rodrigues. "The merits of some aspects of globalization may be open to debate, but in the world of travel and tourism, cardholders and merchants are united in wanting the convenience of fast, secure and certain payment. The message is clear: the world is coming to China with Visa cards and mobile phones in hand – the telephone works everywhere, but there's still work to be done before rapid, secure payments can similarly be taken for granted."
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