Spending with Visa-branded credit cards in China last year rose 23.7%, to US$4.7 billion from US$3.8 billion in 2009, thanks to a growing number of international travelers visiting the country, Visa Inc.’s China Tourism Outlook report said.
Visa released the report on Sept. 16. In 2010, some 113.8 million foreigners visited China, which could become the world's second largest tourism market in the next 10 years, according to Visa.
Further, travelers to China made 20.7 million Visa credit card transactions in 2010, 18.3% more than the 17.5 million the previous year, according to the report.
Despite the U.S. economic downturn, American tourists in China spent the most among foreign visitors at US$741.1 million last year, up 18% from US$628 million. Japanese tourists’ spending with Visa credit cards rose by 25%, to US$615.1 million from US$492 million, the report said.
“We believe that with the continued development of the tourism industry, tourism spending will have a positive impact on the economy and the labor market in China,” Jennifer Liu, a Beijing-based spokesperson for Visa, tells PaymentsSource.
The company is cooperating with the Chinese government in the process of tourism development to promote the use of Visa credit cards in the country, says Liu.
Visa does not have permission within the regulatory environment to conduct any yuan-denominated business in China. As such, overseas card spending in the country is an important metric for Visa to measure its business there, she indicates.
