UnionPay expands global footprint in tax refund service
UnionPay International announced on Wednesday that it has expanded its tax refund service to seven countries along the Belt and Road region in the first half of 2018 and that business volume has grown for a seventh straight year.
Seven countries along the ancient route, including Russia and the United Arab Emirates, have launched UnionPay’s tax refund service since this year. So far the service is available at over 300,000 merchants in 44 countries and regions, covering all major tax refund destinations.
Users can also enjoy early refund service in 14 countries and regions, which allows merchants to initiate refunds at POS terminals for refunds directly to cardholders’ accounts or in cash.
Thanks to its greater coverage and flexibility, UnionPay’s tax refund service is gaining more and more favor among outbound tourists. Business volume has risen for a seventh straight year, seeing 60 percent year-on-year growth in the first six months.
UnionPay International has made constant efforts to improve the cardholders’ tax refund experience. Users now can log on to the association’s mobile website or its WeChat service account to calculate tax refunds in different countries, track refund status, find a nearby tax refund office, and read detailed tax refund guidelines from each country.
UnionPay said it will launch a digital tax refund service next year, which will enable Chinese tourists to print tax refund forms via its app. Refunds will be directly credited into designated accounts in yuan.