Beijing, March 1, 2024 - In a significant move geared towards optimizing payment convenience and enhancing the ease of doing business and tourism, the Chinese government has rolled out comprehensive measures to simplify mobile payment processes for foreigners in China. This initiative was detailed in a policy briefing held by the State Council Information Office, featuring senior officials from the People’s Bank of China (PBOC) and several other ministries.

During the meeting, Zhang Qingsong, Deputy Governor of the PBOC, outlined the key strategies involved in further optimizing payment services to bridge the gap between different user preferences and technological accessibilities. Efforts have been reinforced by a newly issued guideline reviewed and passed during a State Council Executive meeting on February 23.

The directive focuses on enhancing the integration and user-friendliness of different payment methods including mobile payments, bank cards, and cash transactions. Zhang highlighted initiatives to raise the success rates of binding foreign bank cards with popular mobile payment platforms like Alipay and WeChat, reduce barriers in identity verification, and raise transaction limits significantly. These platforms have now adapted to increase single-transaction limits to $5,000 from $1,000 and annual transaction limits to $50,000 from $10,000 for foreigners.

An emphasis was also placed on “digital inclusivity”, ensuring that payment services cater adequately to the elderly and foreigners, groups that have often struggled with the rapid digitization of financial services in China. In a bid to provide a more inclusive financial landscape, improvements in cash handling and foreign currency exchanges were also proposed. This includes better infrastructure to facilitate the acceptance of foreign cards at key locations like airports, tourist sites, and hotels.

The policy briefing coincided with acknowledgements of the shortcomings in the existing payment landscape for foreigners, which includes high fees and inadequate merchant acceptance of foreign cards. To address these issues, the government is working on expanding the network of merchants that accept foreign bank cards and improving the overall transaction environment.

Furthermore, cultural and tourism sectors have been identified as critical areas in need of payment optimization. Shize Yi, a senior official from the Ministry of Culture and Tourism, stated that there will be concerted efforts to ensure key tourist attractions and cultural sites maintain versatility in payment options, thereby enriching the tourism experience for international visitors.

These comprehensive measures align with China's broader ambitions to cultivate a more favorable business and touristic environment, fostering greater international collaboration and cultural exchange. The concerted push also reflects China's response to the global shift towards digital economies while ensuring that traditional payment forms remain accessible and robust, safeguarding financial inclusivity.

The government's proactive approach in enhancing payment systems underscores its commitment to building a digitally inclusive society that accommodates both domestic and international needs, aiming to make China a leading example of how technology and tradition can coexist harmoniously in the digital age.