The proposition delivers aspirational reward opportunities and is designed to unlock high-value customer spend for leading issuers in China.

Powered by Ascenda’s technology, the new customer engagement program makes card payments highly rewarding. Visa is leveraging Ascenda’s global customer engagement capabilities and integrating with TransferConnect, one of the world’s largest rewards redemption platforms, to bring innovative rewards to the Chinese market at speed and scale.

More than 20 top Visa issuers in China will now be equipped with a compelling alternative to the classic cashback scheme for driving cross-border spend. The program enables issuers to deliver extra value to Visa cardholders in China through innovative engagement campaigns, allowing cardholders to receive cashback in US dollars automatically, or to earn points for hotel loyalty programs.

“China is a critical growth market and we’re thrilled to partner with Ascenda to modernize cross-border payments and drive cardholder loyalty for our issuers,” said Larry Ma, Senior Director of Digital Loyalty Solutions, Visa. “Chinese consumers are digitally savvy and highly engaged in international e-commerce, so it’s never been more important to enable issuers to capture cross-border spend.”

Kyle Armstrong, CEO, Ascenda added: “We’re excited to partner with Visa in China as appetite for international e-commerce transactions continues to grow. Our market-first rewards program disrupts the cashback era in China and delivers an exciting new world of aspirational rewards.”