News > US card companies' wager on China travel boost hit by economic gloom

US card companies' wager on China travel boost hit by economic gloom

27/07/2023 11:05 PM | Click to read full article

Visa and Mastercard, which bet on China to boost travel spending, have had to contend with a disappointing first half of the year as post-COVID momentum in the world's second-biggest economy loses steam. In their earnings calls this week, both card giants said travel in China was nowhere near pre-pandemic levels. Inbound cross-border travel to China stood at nearly 50% of 2019 levels, while outbound travel was nearly 70%, the company said.

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