According to media in the Shenzhen Special Economic Zone, travel service providers in Guangdong are cooperating with banks to offer payment by installment travel services and other travel payment service such as zero initial payment, zero interest, and zero service charge to stimulate the local tourism market.
The cooperation between travel service providers and banks on installment payment is thought to be a result of Guangdong's national travel and leisure program. The service aims to provide convenient payment services for tourists in addition to reducing economic burden for them when they travel.
The banks say that the service charges for the installment payment are lower than the interest on loans, and tourists who join tour groups organized by travel service providers partnering with the bank can enjoy a three-month interest-free period.
The first travel agency and bank to offer the this service is said to be the Guang Zhi Lv and the Guangdong branch of the Industrial and Commercial Bank of China.
(China Hospitality News March 26, 2009)
