Amex is stepping up its efforts to goafter the payments market in China. It has now making travellers’ chequesavailable in Chinese Yuan for foreign visitors to purchase before their tripsto China. Users will be able to exchange them for cash at thousands of Bank ofChina branches once they arrive in China. Amex believes China will be a majormarket for Amex’s prepaid products as China is rapidly becoming one of the mostsignificant international destinations in the world.
The yuan travellers’ cheques willonly be available from the Post Office, either by ordering them online orvisiting a branch.
Once in China, users will be able to exchange them for cash at more than 2,000Bank of China branches.
Ed Chesshyre, vice president UK of global prepaid at American Express, said:“We believe there will be strong demand for the new product, particularly asChina is rapidly becoming one of the most significant international leisure andbusiness destinations in the world.