MasterCard in partnership with HNA Transforex Currency Exchange Company has launched tax refund platform in Shanghai, China.
The platform allows Chinese travellers to collect their tax refunds after returning to China from overseas.
The platform brings together seven global tax refund groups, including Global Blue, Innova Taxfree and Premier Tax Free. It covers more than 50 key markets and around 420,000 merchants in Europe and Asia.
"The tax refund platform aims to address long-existing tax-refund claiming hassles including language barriers, long queues at the refund offices and overly complicated procedures," said by MasterCard in a statement.
MasterCard said that Chinese leave as much as EUR3bn worth of tax refund unclaimed every year because of language barriers or tedious procedures.
Dennis Chang, MasterCard’s head of China, said: "The partnership with Transforex will make overseas travel and shopping of a MasterCard cardholder even more priceless, as it adds a seamless and rewarding tax-refund solution on the already global interoperable and secured payment experience created by MasterCard."