In a collaborative effort led by major banks, prominent payment apps and card payment giants, new measures aimed at enhancing transactions for foreign visitors in China were introduced on Monday in Shenzhen, Guangdong province.
Unveiled at the 2024 Shenzhen International Shopping Carnival and guided by the People's Bank of China, the initiatives include adjustments to mobile payments to align with foreign visitors' preferences, standardization of small-amount cash transactions, and innovative use of e-CNY hard wallet products with a focus on facilitating bank card payments for large transactions, promoting mobile payments through QR codes for smaller transactions, and ensuring cash payments remain a viable option.
Under the initiative, a series of specialized services such as WeChat payment wallets compatible with foreign cards, digital RMB wallets, payment advisory services, remote assistance, and cash exchange services were introduced.
Meanwhile, Tenpay, Tencent Holdings Ltd's payment affiliate, had simplified the process of linking international cards to WeChat, enabling convenient microtransactions for services like dining and shopping as the company reported a 2-fold daily increase in new card bindings for WeChat Pay in March compared to February.
