Citi and Bank of Shanghai have launched a pioneering payment solution through the Bank of Shanghai’s TourCard, aimed at enhancing the payment experience for international travelers in China. This new solution provides a cost-effective and streamlined method for travelers to make payments in Chinese yuan (CNY) while in China, with the convenience of Citi’s industry-leading USD Clearing service. This service ensures that funds are transferred in full value, with no deductions, directly to the beneficiary.
With mobile wallets becoming the dominant payment method in China—used by over 84% of consumers in the past year—international travelers often face issues with credit card acceptance, high interchange costs, and foreign exchange (FX) fees. The new TourCard solution, powered by Citi, enables travelers to link a Bank of Shanghai CNY virtual account to their digital wallets through the TourCard mini-app, facilitating easy funding and transfers. The process leverages Citi’s SwiftGo solution, a fast and secure low-value payment method that offers full transparency on fees, payment status, and FX costs.
Bank of Shanghai’s TourCard is a prepaid card designed for overseas visitors to make mobile payments in China. Travelers can apply for the card online via Bank of Shanghai or China-based wallet apps, and the card is valid for 90 days from issuance. Bank of Shanghai is the first bank in China to be approved by regulators for this service.
“Our partnership with Bank of Shanghai offers international travelers an end-to-end solution, ensuring a seamless payment experience throughout their visit to China,” said Dawid Janas, Head of Global Clearing and FI Payments at Citi Services.
Hu Debin, Vice President and CIO of Bank of Shanghai, added, “This product enhances the top-up process for TourCard users, making mobile payments in China more convenient for overseas travelers.”
Kevin Wong, Chief Executive for APAC at Swift, emphasized the global demand for faster and more reliable cross-border payments, noting that this collaboration sets a new standard for international payment experiences.
Citi’s USD Clearing service enables financial institutions worldwide to make real-time USD payments, 24/7, including U.S. holidays. Since 2022, over 200 financial institutions have utilized this service.
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
About Bank of Shanghai
With 300+ outlets in top tier-1 cities in mainland China, Bank of Shanghai (BOS) also enjoys a global map of different types of partners. Through leveraging each party’s competitive edges, BOS provides comprehensive cross-border financial solutions to Chinese customers going abroad and foreign customers coming to China. To enhance customer experience, BOS has been focusing on developing innovative financial products and has rolled out multiple unique products well-known in the market.
