A Coffee Shop at Beijing Capital Airport recently made headlines as it now accepts Visa, Mastercard, the digital Chinese yuan, and other payment methods! The move is part of China’s broader effort to make mobile payments more accessible for international visitors.
In a statement exclusive to CNBC, Zhang Qingsong, deputy governor of the People’s Bank of China, revealed that banks and local businesses in China are being encouraged to accept foreign bank cards. This move comes as Beijing seeks to attract more foreign tourists and business people, following the relaxation of visa policies for residents of several European and Southeast Asian countries.
While mobile payments have surged in popularity within China, it previously posed challenges for foreign visitors due to restrictions in the financial system. However, the situation has improved in recent months. Last summer, the two dominant mobile payment apps—WeChat and AliPay—began allowing verified users to connect their international credit cards. This move has made it much easier for foreigners to make payments, as the cashless society continues to expand in China.
Zhang emphasized that the authorities are conscious of foreign visitors’ privacy concerns, and measures have been put in place to protect their personal information when using mobile payment apps. Additionally, it was revealed that foreign visitors no longer need to provide ID when using Alipay or WeChat Pay if their annual transaction volume is under $500—an amount that covers over 80% of transactions. The possibility of raising the $500 threshold is also under consideration.
In order to facilitate payments for foreigners, Beijing Capital Airport has opened a payments service center, and steps are being taken to ensure that cash currency exchange and mobile pay support are readily available.
Furthermore, Visa reported that travel to and from mainland China has recovered slightly but remains below 2019 levels. However, there has been improved access for foreign financial services businesses, such as Mastercard, which recently received approval to process domestic payments through a joint venture in China.
Zhang revealed that the plan for supporting foreigners’ payments in China will focus on allowing card transactions for larger payments, with mobile pay being the preferred method for smaller amounts. Foreign users of 13 mobile wallet apps can also directly use QR payment codes in China, providing greater convenience for international travelers.
In summary, the increased acceptance of foreign bank cards and mobile payment options in China represents a significant step forward in making the country more accessible for international visitors. Efforts to protect foreign visitors’ privacy and expand mobile payment support will undoubtedly enhance the overall experience for travelers.
Source link
