Current location:International Idiom news portal > entertainment
China further streamlines mobile payments for foreigners
International Idiom news portal2024-05-22 10:07:04【entertainment】9People 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://albania.camilleandconfettis.com/content-26c999896.html
Very good!(4388)
Related articles
- Trump visits Minnesota after son Barron's Florida high school graduation
- Bank holiday booze
- Spurs' Victor Wembanyama named NBA Rookie of the Year
- Suspect in custody after video recorded him appearing to steal a police vehicle amid gunfire
- Massey, Perez hit homers to lead Royals in 8
- China nurtures unicorn enterprises via sci
- Baby Reindeer knocked off Netflix's top spot by new 'must
- Paedophile hunter reveals he caught his wife's cousin trying to meet up with children online
- Hometown of Laura Ingalls Wilder set for a growth spurt
- This is the surprising risk of Ozempic NO ONE talks about
Popular articles
Recommended
UK court rules that extension of UK police powers to intervene in protests is unlawful
Boeing calls off Starliner launch due to rocket issue
Spurs' Victor Wembanyama named NBA Rookie of the Year
Timberwolves center Rudy Gobert misses Game 2 in Denver
French Olympic fencer Thibus says she has been cleared of any wrongdoing after abnormal doping test
Leak from Indiana fertilizer tank results in 10
How the late Queen's 'favourite' daughter
Kyren Wilson wins world snooker championship for the first time after beating Jak Jones 18
Links
- Kris Jenner, 68, looks chic in D&G dress for 'date night' with longtime boyfriend Corey Gamble, 43
- Sergio Aguero's iconic title
- Sergio Aguero's iconic title
- NZDF warns government again it is in dire state
- James Corden FINALLY gets approval to demolish his Oxfordshire home after months of delays
- Rotorua MP seeks extra policing resources for the city
- In Pictures: Rare celestial event totally eclipsed by thick cloud in Hong Kong
- Erik ten Hag admits he is relieved Harry Maguire stayed at Man United amid injury crisis
- Rachael Blackmore to place in BOTH rides on Day 2 of Aintree boosted to 11/4
- Blunders cost Crusaders dearly in loss to Waratahs