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Visa taps Chinese wealthy market with local partners

PAYMENT company Visa said it has teamed up with five star hotels, limousine services, healthcare companies and education agencies in China to tap the growing wealthy population with value-added services.

Holders of Visa's Infinite, Signature and Platinum cards will be able to enjoy discounts and customized services domestically and abroad.

“Visa is committed to meeting the varying needs of cardholders through targeted and bespoke services,” Stanford Lin, head of products for Visa China. “We have been catering to the desires and expectations of China’s affluent for over two decades and will continue to provide exclusive and impeccable services to cardholders.”

Affluent individuals on China's mainland are the most willing to spend last year among major economies in Asia, Visa said in a 2014 survey.

A consumer confidence index measuring individuals with more than 600,000 yuan investable assets stood at 145 for China's mainland, the highest among nine Asian countries and regions.

India and Indonesia followed at the second and third place with a reading of 139 and 133 points respectively.

The Chinese affluent most frequently spend on nightlife, fine dining, designer clothing, and family holidays, and they are the second largest jewelry consumers only after the Russia, Visa said.

It found lifting personal income and achieving better life and work balance are the most important goals for Chinese affluent.


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