Mobile payment is a major feature of Chinese society and a major driving force of China's economy. However, for expatriates coming to China, mobile payment is not so easy and convenient. They have encountered many difficulties and restrictions in binding overseas bank cards, verifying their identities, and paying amounts. In order to solve this problem, the central bank recently announced that it will guide major payment institutions to increase the single transaction limit for foreign visitors to China to use mobile payment from US$1,000 to US$5,000, and the annual cumulative transaction limit from US$10,000 to US$50,000. This move is undoubtedly a great benefit to foreign visitors to China, and it is also a major promotion of China's opening up and convenience. This article will analyze the background, significance and impact of this initiative from the following aspects, ** the development and prospect of China's mobile payment.
China's mobile payment has become one of the most advanced and popular payment methods in the world. According to statistics, in 2023, the transaction volume of China's mobile payment will reach 3478 trillion yuan, accounting for 55 percent of global mobile payments5%。China's mobile payment not only covers various fields such as catering, shopping, and travel, but also penetrates into all levels such as urban and rural areas, the old and the young, and the rich and poor. China's mobile payment not only improves the efficiency and security of payment, but also promotes the vitality and innovation of consumption. China's mobile payment has become a business card of Chinese society and a check for China's economy.
However, for expatriates coming to China, mobile payment is not so easy and convenient. In the process of using mobile payments, they encountered the following major difficulties and limitations:
Foreign visitors to China usually hold overseas bank cards, such as VISA, Mastercard, etc. However, not all payment institutions can support the binding of these bank cards. At present, only a few payment institutions, such as Alipay and WeChat Pay, can support foreign visitors to China to bind overseas bank cards. Moreover, even with these payment institutions, not all overseas bank cards can be bound. According to Alipay's official **, at present, only bank cards in 19 countries and regions can be bound to Alipay, and there are some detailed requirements, such as the type, currency, and validity period of the bank card. According to the official ** of WeChat Pay, at present, only bank cards in 9 countries and regions can be bound to WeChat Pay, and there are some additional conditions, such as the need to spend at the partner merchants of WeChat Pay to activate. These restrictions have led to a very low success rate for foreign visitors to China to bind overseas bank cards, and some people are even unable to bind them at all.
Foreign visitors to China usually hold passports and other identity documents. However, these identity documents are not recognized and verified by all payment institutions. At present, only a few payment institutions, such as Alipay and WeChat Pay, can support foreign visitors to China to verify their identity. Moreover, even with these payment institutions, not all identity documents can be verified. According to Alipay's official **, at present, only passports and residence permits for Hong Kong, Macao and Taiwan residents can verify their identities, and they also need to provide mobile phone numbers, email addresses and other information. According to the official **4 of WeChat Pay, at present, only passports and residence permits for Hong Kong, Macao and Taiwan residents can verify their identity, and they also need to provide mobile phone numbers, bank cards and other information. These processes have led to a complicated process for foreign visitors to China to verify their identity, and some people are even unable to verify it at all.
Foreign visitors to China usually make various purchases and transactions in China. However, these consumption and transactions are not supported by all payment institutions. At present, only a few payment institutions, such as Alipay and WeChat Pay, can support foreign people to make payments in China. Moreover, even with these payment institutions, not all purchases and transactions can be paid. According to Alipay's official **3, the current single transaction limit for foreign visitors to China using Alipay is US$1,000, and the annual cumulative transaction limit is US$10,000. According to the official **4 of WeChat Pay, the current single transaction limit for foreign visitors to China using WeChat Pay is US$1,000, and the annual cumulative transaction limit is US$10,000. These limits have led to a very low limit on the amount of money paid by foreigners coming to China, and some people are even unable to pay at all.
These difficulties and restrictions have made expatriates feel inconvenient and dissatisfied in the process of using mobile payment, and some have even given up using mobile payment in favor of cash or other payment methods. This not only affects the consumption experience and quality of life of expatriates coming to China, but also affects China's openness and convenience.
In order to solve the mobile payment dilemma encountered by foreign visitors to China, the central bank recently announced that it will guide major payment institutions to increase the single transaction limit for foreign visitors to China from US$1,000 to US$5,000, and the annual cumulative transaction limit from US$10,000 to US$50,000. This move is undoubtedly a great benefit to foreign visitors to China, and it is also a part of opening up and convenience to China.
Big push. The significance of this initiative is as follows:
The central bank's relaxation of the mobile payment limit for foreign visitors to China will make it more convenient and free for foreign visitors to China to use mobile payment. They can use more overseas bank cards, make more purchases and transactions, and enjoy more services and discounts. They don't have to worry about the amount and number of payments, and they don't have to worry about failed and rejected payments. They can better experience the advancement and popularization of mobile payment in China, and can also better integrate into China's society and life.
The central bank's relaxation of the mobile payment limit for foreign visitors to China will make foreign visitors more satisfied and trusted in the process of using mobile payment. They can feel China's openness and tolerance, as well as China's respect and care. They can have more trust in the quality and security of China's mobile payment, and they can also trust more in the supervision and guarantee of China's mobile payment. They can better recognize the value and competitiveness of China's mobile payment, as well as the innovation and development of China's mobile payment.
The central bank's relaxation of mobile payment limits for foreign visitors to China will also promote China's openness and convenience. This measure reflects China's welcome and support for foreign visitors to China, as well as China's development and improvement of mobile payment. This measure is conducive to increasing the consumption and investment of foreign visitors to China, as well as increasing China's income and tax revenue. This measure is conducive to promoting exchanges and friendship between foreign visitors to China and Chinese, and is also conducive to promoting cooperation and win-win between China and the world.
The central bank's relaxation of the mobile payment limit for foreign visitors to China is an important reform and progress of China's mobile payment, as well as an important opportunity and challenge for China's mobile payment. The development and prospects of China's mobile payment have the following aspects:
The standards and specifications of China Mobile Payment are the basis and guarantee for ensuring the quality and security of mobile payment and maintaining the order and credibility of mobile payment. The standards and specifications of China's mobile payment should be continuously optimized and improved to adapt to the development and changes of mobile payment to meet the needs and expectations of consumers. The standards and specifications of China's mobile payment should take into account the domestic and international requirements and levels, the interests and demands of different payment institutions and users, and the characteristics and needs of different payment scenarios and functions.
The technology and services of China's mobile payment are the driving force and means to improve the efficiency and convenience of mobile payment, and enhance the vitality and innovation of mobile payment. China's mobile payment technology and services should continue to innovate and improve to improve the performance and stability of mobile payment, so as to expand the coverage and popularization of mobile payment. The technology and services of China's mobile payment should be combined with new technologies and applications such as artificial intelligence, big data, and blockchain, as well as consumer preferences and habits, social needs and trends, and national strategies and goals.
The market and cooperation of China's mobile payment is a way and platform to expand the influence and value of mobile payment and promote the openness and sharing of mobile payment. The market and cooperation of China's mobile payment should continue to expand and deepen to increase the users and transactions of mobile payment, so as to increase the revenue and profit of mobile payment. The market and cooperation of China's mobile payment should be oriented to all fields and levels at home and abroad, to different payment institutions and partners, to different social organizations, and to different cultures and nationalities.
China's mobile payment has been at the forefront of the world, but also faces the world's challenges. We believe that China Mobile Payment will continue to maintain its advanced and popular characteristics, and will continue to show its potential for innovation and development. We expect that China Mobile Pay can provide a more convenient and satisfactory payment experience for foreign visitors to China, and make greater contributions to China's openness and convenience.