UnionPay departure tax refund transactions surge 1,150% during holiday

The transaction volume for China UnionPay's departure tax refund service jumped 1,150 percent year-on-year during China's National Day holiday this year, the country's largest payment network said. The surge underscores the growing appeal of China's tourism market to international visitors and showed how efficient and convenient inbound payment services can drive cross-border spending.

As China continues its high-level opening-up, high-quality and streamlined departure tax refund services are becoming an increasingly important factor in encouraging overseas tourists to spend domestically. Visitors can use a wide range of bank cards, including UnionPay, Visa, Mastercard, JCB, and Diners Club cards, to access the service at port and centralized refund points, as well as at participating tax-refund stores.

When foreign tourists choose to process tax refunds via dedicated POS terminals provided by China UnionPay Merchant Services Payment Inc for departure tax refunds, they can enjoy an integrated pre-authorization guarantee and tax refund settlement services. This enables "buy and refund instantly" with funds quickly credited to bank cards, significantly reducing the time required for traditional bank card tax refunds to be credited.

Currently, China UnionPay has partnered with 10 commercial banks to roll out tax refund services in 29 cities, with tax refund policies across 14 provinces and municipalities. These services now cover nearly 5,000 tax-refund eligible stores.

China UnionPay said it will continue to collaborate with industry partners to further expand the geographic coverage and application scenarios of tax refund services, while utilizing innovative payment solutions to enhance departure tax refund services.