MasterCard launches platform

MasterCard on Monday launched "China's largest tax refund platform" in Shanghai in partnership with HNA Transforex Currency Exchange. The platform allows Chinese travelers 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, and covers more than 50 key markets and around 420,000 merchants in Europe and Asia. It aims to address tax-refund claiming hassles including language barriers, long queues at the refund offices and overly complicated procedures, MasterCard said in a statement.

Chinese leave as much as 3 billion euros ($3.85 billion) worth of tax refunds unclaimed each year because of language barriers or tedious procedures, MasterCard said.