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

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.