MasterCard taps outbound tourism market

MasterCard, through its wholly owned subsidiary Access Prepaid, signed a deal with the Agricultural Bank of China to jointly tap the fast-growing Chinese outbound tourism market.

The two companies launched a traveler's cheque product named Cash Passport, allowing those who have no credit card to travel abroad in a more convenient way.

Customers can buy the product at outlets of the Agricultural Bank of China.

Industry data showed that 80 million Chinese tourists went abroad in 2012, up 15 percent year-on-year, indicating an increasing demand for cross-border financial products.