BEIJING: China has doubled efforts to optimise payment services and enhance payment convenience, according to China’s State Council Information Office.

In a statement carried by the People’s Daily, Zhang Qingsong, Deputy Governor of the People’s Bank of China (PBOC), noted that the PBOC, in collaboration with other departments, has drafted a document on further improving payment services and enhancing payment convenience, with a focus on improving the weak links in payment services for elderly people and foreigners in China.

The document has recently been reviewed and approved by a State Council executive meeting, Zhang added.

The document highlights six key measures: promoting the usability of foreign bank cards in key places, continuously improving the cash payment environment and enhancing foreign currency exchange and cash services, making payment services more friendly to the elderly and foreigners, better protecting consumers’ right to choose payment methods, encouraging banks and payment insti
tutions to further optimise the account opening process, and carrying out diverse and targeted promotional activities.

In recent years, mobile payment has been developing rapidly in China. Yet some foreigners coming to China face challenges with mobile payment, such as the difficulty in binding their overseas bank cards and limits on spending amounts.

Zhang said the PBOC will request and instruct payment institutions such as Alipay and Tenpay to streamline their operating procedures, improve the efficiency of binding overseas bank cards, and simplify identity verification while ensuring the security of personal information.

Besides, the PBOC will also guide major payment institutions to raise the single transaction limit for overseas travellers using mobile payment from $1,000 to $5,000, and lift the annual cumulative transaction limit from $10,000 to $50,000.

Zhang indicated that efforts have been made to make foreign wallet apps usable in China, and 13 such apps have been introduced to China by
Alipay and Tenpay so far.

According to statistics, nearly 4 million foreigners used mobile payment in China last year, and made over 70 million transactions totalling more than 10 billion yuan ($1.39 billion).

Source: Emirates News Agency