Core Viewpoint - China UnionPay and Bank of China launched an innovative tax refund service for outbound tourists during the China International Import Expo, aiming to enhance the payment experience for foreign visitors and support China's open economy strategy [2][3][4]. Group 1: Innovative Service Model - The newly launched tax refund service integrates "immediate purchase and refund" and "port tax refund" scenarios, creating a complete service loop from "inbound consumption" to "outbound tax refund" [3]. - Foreign tourists can use various international cards, including UnionPay, Visa, Mastercard, JCB, and Diners Club, at designated tax refund service points [3]. - The service utilizes specialized POS machines provided by UnionPay Business, allowing for integrated pre-authorization and tax refund settlement, significantly reducing the time for refunds to be credited back to cards [3]. Group 2: Deepening Industry Collaboration - China UnionPay is enhancing its global payment network, which now covers 183 countries and regions, supporting international trade and cultural exchanges [4]. - The tax refund service reflects China UnionPay's commitment to its "payment for the people" philosophy and its role in facilitating high-level openness in the economy [4]. - Future plans include further collaboration with Bank of China and other partners to improve cross-border payment services and ensure the effective implementation of innovative services nationwide [4].

Core Insights - The core focus of the news is the launch of an innovative tax refund service product by China UnionPay in collaboration with Bank of China during the China International Import Expo, aimed at enhancing the payment experience for foreign visitors in China [1][2]. Group 1: Innovative Service Model - The newly launched tax refund service integrates "immediate purchase and refund" and "port tax refund" scenarios, creating a complete service loop from "inbound consumption" to "outbound tax refund" [2]. - Foreign tourists can use various international cards, including UnionPay, Visa, Mastercard, JCB, and Diners Club, at designated tax refund service points and stores [2]. - The service utilizes dedicated POS machines provided by UnionPay Business, allowing for integrated pre-authorization and tax refund settlement, significantly reducing the time for tax refunds to be credited back to cards [2]. Group 2: Deepening Industry Collaboration - China UnionPay is enhancing its global payment network, which now covers 183 countries and regions, supporting international card issuance in 84 countries, thereby facilitating trade and cultural exchanges [3]. - The tax refund service reflects China UnionPay's commitment to the "payment for the people" philosophy and its role in promoting high-level openness in the financial sector [3]. - Future plans include further collaboration with Bank of China and other partners to improve cross-border payment services and ensure the effective implementation of innovative services like tax refunds nationwide [3].

Core Insights - The collaboration between China UnionPay and Bank of China aims to enhance the payment environment for foreign visitors in China through an innovative tax refund service [1][2] - The new tax refund product integrates "immediate purchase and refund" and "port tax refund" services, creating a comprehensive service loop from "inbound consumption" to "outbound tax refund" [1][2] Group 1 - China UnionPay's Chairman emphasized the company's commitment to optimizing the payment environment for foreign visitors as part of the national open strategy [1] - The new tax refund service significantly improves the refund process and reduces processing time, responding to national policies aimed at boosting consumption [1][2] - The product allows foreign tourists to use various international bank cards, including UnionPay, Visa, Mastercard, JCB, and Diners Club, at designated refund service points [1] Group 2 - The integrated service provided through specialized POS machines allows for pre-authorization guarantees and tax refund settlements, greatly shortening the traditional refund time [2] - China UnionPay has established a global payment network covering 183 countries and regions, supporting international trade and cultural exchanges [2] - Future plans include deepening strategic cooperation with partners like Bank of China to enhance cross-border payment services and ensure the effective implementation of innovative services nationwide [2]

Core Points - China UnionPay and Bank of China will jointly hold a business cooperation press conference at the 8th China International Import Expo on November 6 [1] - The event will feature the launch of an innovative tax refund service product for outbound travelers [1]