What’s new: China’s central bank is making another push to slash barriers facing foreign visitors using the country’s mobile payment services, in the latest effort to revive the tourism market.
The People’s Bank of China has guided major payment platforms including Ant Group Co. Ltd.’s Alipay and Tencent Holdings Ltd.’s Tenpay — the operator of WeChat Pay — to increase the single transaction limit for foreign users to $5,000 from $1,000, according to deputy governor Zhang Qingsong at a Friday briefing.
The maximum annual mobile payment limit for foreigners would rise from $10,000 to $50,000, on a par with Chinese nationals, according to Zhang. Identity verification procedures will be simplified to make it easier for foreign nationals to link international bank cards with China’s mobile payment services, said Zhang.
The central bank also encouraged shops, hotels, tourist attractions and other service providers to offer diverse payment methods including cash, bankcard and mobile payment.
The context: China has largely become a cashless country as mobile payments are dominant in people’s everyday life for everything from restaurant bills to groceries.
But that has become a headache for short-term overseas travelers who often have problems using the payment services, although Alipay and WeChat Pay have upgraded their systems to make it more easier for users to link international cards.
The central bank in recent months has released several measures to make it easier for foreigners to make payments inside the country by improving mobile solutions and increasing acceptance of foreign bank cards. The moves are designed to make China a more attractive destination for foreigners to visit, live or work.
Contact reporter Han Wei (weihan@caixin.com)
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