Citigroup, Inc. (NYSE:C) shares are trading relatively flat in the morning session on Wednesday.
The banking behemoth announced a new collaboration with the Bank of Shanghai to launch a payment solution designed to simplify the payment experience for international travelers in China.
The initiative introduces the Bank of Shanghai's TourCard, a prepaid digital card that allows overseas visitors to make payments in Chinese yuan (CNY) with ease and efficiency, addressing common pain points in cross-border transactions.
The solution, powered by Citi's USD Clearing service, enables travelers to fund their TourCard accounts from external sources, making it easier to access local currency in China. This development removes the barriers typically associated with international payments, such as credit card acceptance issues, high interchange fees, and foreign exchange (FX) charges.
According to Benzinga Pro, C stock has gained over 60% in the past year. Investors can gain exposure to the stock via First Trust Nasdaq Bank ETF (NASDAQ:FTXO) and Investment Managers Series Trust III FPA Global Equity ETF (BATS:FPAG).
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Through Citi's full-value transfer system, which leverages Swift Go, travelers can ensure that funds are transferred quickly, securely, and without deductions, offering full transparency on payment status, fees, and FX costs.
The TourCard service is integrated with popular digital wallet apps, allowing travelers to link their Bank of Shanghai CNY virtual account to their wallets for a seamless mobile payment experience.
Available for a 90-day period, the TourCard can be easily applied for online via the Bank of Shanghai or China-based wallet apps, the company said.
Dawid Janas, Head of Citi's Global Clearing and Financial Institution Payments, emphasized that the partnership delivers an integrated solution, enabling travelers to focus on their experience without worrying about payment hassles.
This collaboration marks a significant step forward in enhancing global payment solutions for travelers in China.
Price Action: C shares are trading higher by 0.39% to $69.29 at last check Wednesday.
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