Ctrip Finance and Mastercard Mark New Partnership Milestone with Memorandum of UnderstandingSeptember 11, 2018 | Shanghai | By Barkha Patel
A Memorandum of Understanding (MoU) was signed at a launch event held today by Ctrip Finance and Mastercard, marking a new round of partnership between the two industry leaders. The MoU will see the two parties collaborate to enable partners throughout the whole value chain and accelerate the sustainable development of China’s outbound travel industry.
China’s outbound travel market has continued to heat up in recent years and industry data shows that China has maintained its position as the world’s biggest generator of cross-border tourism. During the first half of 2018, 71.31 million Chinese citizens travelled abroad. The numbers are set to grow with an increase of 15 percent year-on-year.
In 2017, the number of Chinese cross-border tourists hit a record high, reaching over 130 million, with an average spending estimated at US$115.29 billion. According to the Mastercard Global Destination Cities Index 2017, the Asia Pacific region’s top five destinations - Bangkok, Singapore, Tokyo, Seoul and Kuala Lumpur - saw the Chinese mainland as their top source of tourism that year.
The rapid growth of China’s outbound travel industry lays a solid foundation for the global partnership’s success. Under the MoU, the collaboration will aim to drive preference for both parties through three key areas:
- Merchant support: Mastercard and Ctrip Finance will focus on enabling the merchants to forge more secured, simple and smart payment experiences centered around technological innovation in business services.
- Driving China’s ‘Consumption Upgrade': The two parties will integrate resources and networks to enhance benefits, products and services for consumers.
- Industry insights: Mastercard and Ctrip Finance will jointly publish an annual report titled “White Book of Chinese Outbound Travel and Shopping Trends”.
“Following our core tenet that ‘finance makes travel easier’, Ctrip Finance considers outbound travel to be a central part of its strategy. Building on decisions that are enabled by big data, we are devoted to increasing convenience for tourists through easy and secure access to financial services. This MoU will bring our partnership with Mastercard to whole new heights, and through it, we will seize new opportunities to further promote the outbound travel industry,” said Jane Sun Chief Executive Officer, Ctrip.
Ling Hai, Co-President, Asia Pacific, Mastercard, said, “Today’s MoU signing with Ctrip Finance underscores Mastercard’s broader commitment to moving China’s economy from strength to strength. By combining Mastercard’s global network and expertise with Ctrip’s in-depth knowledge of the industry, we look forward to bringing to market a comprehensive suite of solutions that address the evolving needs of Chinese consumers and the travel industry at-large, thereby ensuring continued and sustainable growth in and beyond China’s dynamic market.”
The MoU signed by Ctrip and Mastercard today builds on a long-term, well-established partnership between the two parties. An inaugural MoU was signed by the two parties in 2014 to collaborate in the fields of branding and promotion of digital payments, laying a solid foundation for today’s global partnership.
Mastercard is committed to advancing the development of tourism worldwide and takes an active role in collaborating with government institutions and industry partners. It has published the Global Destination Cities Index eight years in a row, providing professional insights that enable decision makers and tourism bodies to develop and enhance their market’s tourism offerings.
Leveraging the EU-China Tourism Year 2018 and China-Australia Year of Tourism 2017, Mastercard also launched themed products and events with partners with the aim of driving travel to-and-from China with the rest of the world. In September of 2017, Mastercard joined the World Tourism Alliance (WTA) as the board member in the hopes of making the global tourism industry more sustainable and inclusive.
Mastercard cards have been in China for 32 years and provides cardholders with attractive benefits, as well as secure, simple and smart payments experiences through Mastercard’s global network, wide acceptance, and advanced payments solutions. As consumers expect memorable travel experiences, Mastercard strives to create unique, unforgettable and priceless experiences for cardholders through the Priceless Cities program, which consists of more than 40 renowned cities worldwide.
About Ctrip.com International, Ltd.
Ctrip.com International, Ltd. is a leading travel service provider of accommodation reservation, transportation ticketing, packaged tours and corporate travel management in China. It is the largest online consolidator of accommodations and transportation tickets in China in terms of transaction volume. Ctrip enables business and leisure travelers to make informed and cost-effective bookings by aggregating comprehensive travel related information and offering its services through an advanced transaction and service platform consisting of its mobile apps, Internet websites and centralized, toll-free, 24-hour customer service center. Ctrip also helps customers book vacation packages and guided tours. In addition, through its corporate travel management services, Ctrip helps corporate clients effectively manage their travel requirements. Since its inception in 1999, Ctrip has experienced substantial growth and become one of the best-known travel brands in China.
About Ctrip Finance
Taking “Finance Makes Travel Easier” as its mission statement, Ctrip Finance is committed to serving the real economy with financial technology. As a Fintech service provider focused on travel products and the travel industry chain, Ctrip Finance utilizes finance and big data to enables customers easy, convenient and secure travel experiences. With unique consumer profiling, numerous active high-net-worth customers and expansive data on the travel industry, Ctrip Finance is ready to welcome the arrival of the digital finance era.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardAP, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
Ctrip Communications Contact
Zefan Liu, +86 10 6418 1616
Mastercard Communications Contact
Huanyu Wu, +86 10 8519 9304
Agency Communications Contact
Peili Ding, +86 21 2411 0215
 Ministry of Culture and Tourism: Report on the Main Data on the Tourist Economy for the First Half of 2018
 China Tourism Academy & Ctrip: 2017 Big Data Report on Outbound Travel of China
 Mastercard: 2017 Global Destination Cities Index