Current location:Global Gateway news portal > world
China further streamlines mobile payments for foreigners
Global Gateway news portal2024-05-21 15:29:58【world】2People have gathered around
Introduction(Xinhua) 09:05, March 02, 2024Maria (R), a Brazilian student, scans a QR code on a vending machine a
Maria (R), a Brazilian student, scans a QR code on a vending machine at the Yenching Academy of Peking University in Beijing, capital of China, April 13, 2023. (Xinhua/Ren Chao)
BEIJING, March 1 (Xinhua) -- China has reiterated its commitment to facilitating mobile payment for foreigners, a move that indicates its resolve to enhance high-level openness.
Zhang Qingsong, deputy governor of the People's Bank of China, said the central bank will guide payment platforms such as Alipay and Tenpay to raise the single transaction limit for overseas travelers using mobile payments from 1,000 U.S. dollars to 5,000 dollars, and the annual cumulative transaction cap will be raised from 10,000 dollars to 50,000 dollars.
Efforts will also be made to simplify identity verification and provide easier access for foreign visitors to manage various processes, such as card binding, according to Zhang.
Zhang said the central bank will also guide payment institutions to introduce a slew of convenient measures to "make mobile payments products satisfactory and pleasing for foreign friends to use."
After years of rapid growth, China has emerged as a front-runner in mobile payment. The penetration rate for mobile payments in the country reached 86 percent, the highest in the world, by the end of 2023.
However, the widespread use of mobile payment also poses hurdles for first-time visitors to China. Foreign visitors relying on bank cards and cash may encounter difficulties during payment processes, as street vendors or small-scale service providers often prefer mobile payment to cash or international credit cards.
The inconvenience experienced by some foreign visitors can mainly be attributed to the differences in payment practices between China and other countries, said Xu Hong, dean of the College of Tourism and Service Management, Nankai University.
"It is imperative to develop diversified means of payment and provide convenient and tailored services for foreign visitors to meet their payment demand," Xu added.
The Chinese government has already rolled out multiple measures to help foreigners enjoy a hassle-free payment environment in China, akin to that enjoyed by locals.
Meanwhile, Chinese banks are actively working to broaden the acceptance of overseas bank cards and facilitate cash usage within the country. Major payment institutions are encouraged to diversify the range of mobile payment products and develop digital yuan solutions to cater to the mobile payment requirements of foreigners.
Alipay and WeChat Pay, China's two major payment apps, now allow foreign users to link their international credit cards, including Visa and Mastercard, to their platforms, greatly streamlining the payment processes.
Efforts are also afoot to strengthen regulations concerning mobile payments. China has issued rules on the supervision and administration of nonbank payment institutions to address concerns over privacy protection.
Zhu Keli, a researcher at the China Institute of New Economy, said that enhancing payment services can stimulate consumption among foreigners in China and consequently spur the development of related industries.
Meanwhile, the payment environment also plays an important role in enhancing the country's image in the global arena, Zhu added.
Address of this article:http://vietnam.e-directivos.com/news-26c999896.html
Very good!(28441)
Related articles
- Nuggets blow 20
- Week in Politics: Government's year starts with a problem
- Tim Macindoe confirmed as Hamilton's East ward councillor
- West Coast Regional Council "closely monitoring" Taylorville Resource Park
- Mystery artist who erected signs comparing pothole
- Man who died in Gisborne mass brawl was celebrating his birthday
- Two dead, three critically injured after 100 people brawl in Gisborne
- 'Tenants who have pets often stay'
- Celebrity birthdays for the week of May 26
- New law to give police, courts greater powers in gang crackdown
Popular articles
Recommended
California congressman urges closer consultation with tribes on offshore wind
Truck driver grabs schoolgirl in 'concerning' West Auckland incident
Climate Change Minister says COP28 draft 'does not go far enough'
Watch: Latest police teams graduate from Dog Training Centre
Investigators return to Long Island home of Gilgo Beach serial killing suspect
'Thank you Bob': Search for plane's blown
EDITORIAL: China should walk the talk with what it says on foreign policy
EDITORIAL: Mapping a nuke
Links
- Where is the Princess of Wales? The internet knows
- Louisiana lawmakers reject minimum wage raise and protections for LGBTQ+ people in the workplace
- Rescuers in Ukraine pull 5 puppies from the rubble of a building destroyed by fire
- Prince Harry scores goal in charity polo match as Meghan, Netflix cameras look on
- Nevada governor signs an order to address the shortage of health care workers in the state
- How the OJ Simpson saga became a unique American moment
- A Nigerian transgender celebrity is jailed for throwing money into the air, a rare conviction
- Sexual assaults rise in Central African Republic. Wagner, bandits and even peacekeepers are blamed
- Prominent surgeon says he was denied entry to Germany for a pro
- Maine lawmakers approve shield law for providers of abortion and gender