Ponce
20th April 2010, 10:03 AM
BEIJING—American Express Co. said Tuesday it will launch the world's first yuan-denominated travelers checks for visitors to China next month under a partnership with Bank of China Ltd., in response to increasing demand for the prepaid product.
Starting May 10, travelers to China will be able to purchase yuan-denominated travelers checks from American Express in Canada, India, Japan, Korea, Malaysia, Singapore, the U.K. and the U.S., according to a joint statement issued by American Express and Bank of China. The checks can be encashed from more than 2,000 Bank of China branches and 1,600 partner hotels in China, the statement said.
Alpesh Chokshi, president of Global Prepaid at American Express, said at a news conference that the company is "incredibly excited about China."
The Global Prepaid team doubled its investment while more than tripling its size in China over the past two years despite the global financial crisis, he said, without providing financial details.
The plan to launch yuan-denominated travelers checks coincides with the Shanghai World Expo, which is expected to attract 3.5 million international visitors to China from May to October, the statement said. The Shanghai World Expo is scheduled to be launched May 1.
American Express said data from the World Tourism Organization show China will likely become the world's largest inbound travel destination and fourth-largest country for outbound tourism by 2015.
In 2009, China received 126 million inbound travelers who spent a total of $39.7 billion, the statement said.
—Victoria Ruan
Starting May 10, travelers to China will be able to purchase yuan-denominated travelers checks from American Express in Canada, India, Japan, Korea, Malaysia, Singapore, the U.K. and the U.S., according to a joint statement issued by American Express and Bank of China. The checks can be encashed from more than 2,000 Bank of China branches and 1,600 partner hotels in China, the statement said.
Alpesh Chokshi, president of Global Prepaid at American Express, said at a news conference that the company is "incredibly excited about China."
The Global Prepaid team doubled its investment while more than tripling its size in China over the past two years despite the global financial crisis, he said, without providing financial details.
The plan to launch yuan-denominated travelers checks coincides with the Shanghai World Expo, which is expected to attract 3.5 million international visitors to China from May to October, the statement said. The Shanghai World Expo is scheduled to be launched May 1.
American Express said data from the World Tourism Organization show China will likely become the world's largest inbound travel destination and fourth-largest country for outbound tourism by 2015.
In 2009, China received 126 million inbound travelers who spent a total of $39.7 billion, the statement said.
—Victoria Ruan