In an effort to enhance the mobile payment experience for foreigners in China, the People’s Bank of China is introducing a series of targeted measures. These plans were unveiled by the Deputy Governor, Zhang Qingsong, during a press conference on March 1.
The measures are aimed at addressing the primary challenges faced by foreigners using mobile payments in China. These issues include difficulties in linking overseas bank cards to Chinese mobile payment platforms and limitations on transaction amounts.
The first measure involves optimizing business processes to increase the success rate of foreigners linking their overseas bank cards with Chinese mobile payment platforms like Alipay and WeChat. The intent is to streamline the process and make it more efficient.
The second measure focuses on simplifying the identity verification process to make it more convenient for foreigners. Alongside this, the People’s Bank of China will ensure that personal information security is upheld by enforcing the Personal Information Protection Law.
The third measure is to increase the transaction limits for foreigners using mobile payments in China. The single transaction limit will be raised from $1,000 to $5,000, and the annual cumulative transaction limit will be increased from $10,000 to $50,000.
Zhang emphasized that these measures are designed to balance development with security. The goal is to improve service satisfaction and user experience for foreigners using mobile payments in China. He also underscored the importance of supporting payment institutions in implementing tailored risk control strategies, enhancing transaction monitoring, and conducting thorough risk assessments. This approach aims to ensure a dynamic equilibrium between growth and safety in the payment services sector.
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