China further simplifies international mobile payments

China has reaffirmed its intention to allow foreigners to use mobile payments, a move that demonstrates its determination to improve high-level openness. The People’s Bank of China deputy governor, Zhang Qingsong, announced that the bank will direct payment platforms like Alipay and Tenpay to increase the annual cumulative transaction cap from 10,000 dollars to 50,000 dollars and the single transaction limit for foreign visitors using mobile payments from $1,000 to $5,000.

 

Zhang stated that efforts would also be made to streamline identity verification and make it simpler for foreign guests to handle other procedures, like card binding. In addition, Zhang stated that the central bank will direct payment companies to implement a number of practical steps that will “make mobile payments products satisfactory and pleasing for foreign friends to use.” Following years of explosive expansion, China is now the leader in mobile payments. By the end of 2023, the nation had the highest mobile payment penetration rate in the world, at 86%.

 

On the other hand, first-time travelers to China may encounter difficulties due to the extensive usage of mobile payments. Foreign tourists who rely on cash and bank cards may have trouble making payments because small-scale service providers and street vendors frequently accept mobile payments instead of cash or foreign credit cards. Xu Hong, dean of Nankai University’s College of Tourism and Service Management, stated that the primary cause of the annoyance felt by certain foreign guests is the disparity in payment methods between China and other nations.

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