Ant Financial Group and Mastercard have launched a new initiative to boost tourism and local business development in Shanghai, China. According to reports, these financial giants, along with Alipay+’s 12 overseas payment partners and other major international card organizations, have introduced the International Consumer Friendly Zone initiative to stimulate economic growth in the region.

Digital Payments

Reportedly, the initiative has the support of the local government and involves over 20 shopping areas, tourist attractions, Shanghai’s two international airports, high-speed railway stations, and a fleet of 25,000 taxis. Prominent landmarks such as the Bund, Nanjing Road, and the Oriental Pearl Tower are also participating.

Fu Lu, Director of Cross-border Business for Greater China at Ant Financial Group, mentioned, “The launch of the International Consumer Friendly Zone in Shanghai marks significant progress in enriching the inbound tourism experience and promoting local business development, especially considering Shanghai’s crucial role in China’s global interactions.”

Ant Financial Group offers two digital payment options for overseas tourists in China. Tourists can link major international bank cards such as Visa, Mastercard, JCB, Discover, and Diners Club to the Alipay app, allowing them to use various local services without needing a local bank account or phone number.

Additionally, "Alipay+" supports payments through e-wallets across China, supporting 12 e-wallets and payment apps from Asia. Reports indicate that Ant Financial Group’s digital payment alternatives have significantly increased spending by international tourists. From January to April, tourist spending in Shanghai through these payment methods grew 13 times year-on-year.

Expanding Payment Options

Moreover, Ant Financial Group plans to include more card organizations and overseas digital wallets in the initiative. Mastercard emphasized the role of the initiative in providing tourists with payment options, facilitating their spending, and contributing to a more inclusive payment ecosystem.

Mastercard highlighted the initiative’s role in offering payment choices for tourists, easing their spending, and contributing to a more inclusive payment ecosystem. With enhanced digital payment solutions and an emphasis on convenience, the International Consumer Friendly Zone initiative will drive inbound tourism and support local businesses in one of China’s most vibrant cities.