China optimizes payment services for foreigners | workinchina.chinaservicesinfo.com
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China optimizes payment services for foreigners
Updated: Mar 28, 2024 Source: Work in China
A shopper pays via her mobile phone at a supermarket. CHINA DAILY

China has recently introduced various measures aimed at further improving its payment services to better meet the diverse payment needs of foreign nationals in China.

The process of opening accounts, registerng and binding overseas bank cards is now more convenient, with more places and merchants accepting foreign bank cards.

With the support of the People's Bank of China and the State Administration of Foreign Exchange, since 2023, China's top third-party payment service providers Alipay and Tenpay have been working with commercial banks, clearing institutions, and card organizations to implement a series of optimization measures.

Currently, foreigners can activate mobile payments in China by using their existing overseas mobile phone numbers and bank cards. China's UnionPay has interconnected with about 200 overseas wallets, enabling users of overseas wallets such as Thailand's K PLUS, South Korea's Naver Pay, and Malaysia's GoPayz to spend conveniently in China.

Alipay and Tenpay have integrated 13 overseas wallets, including Malaysia's Touch'n Go eWallet, South Korea's Kakao Pay, Mongolia's HiPay, and Singapore's Changi Pay.

In addition, both Alipay and Tenpay have also raised the single transaction limit for foreigners using mobile payments. The per-transaction limit for mobile payments by foreign nationals in China has been raised from $1,000 to $5,000, and the annual cumulative transaction limit has been lifted from $10,000 to $50,000.

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