China Boosts Acceptance of Foreign Cards – Aiming to Boost Tourism and Forex

The People’s Bank of China (PBOC) is strategically working to improve the payment experience for foreign visitors, urging local banks and businesses to expand the acceptance of foreign bank cards in establishments like hotels and restaurants. This initiative, led by Deputy Governor Zhang Qingsong, aims to boost tourism by addressing pandemic-related travel restrictions and facilitating transactions through popular Chinese mobile payment apps. This means that those travellers who may be staying in a serviced apartment in Guangzhou, such as the luxurious Ascott Guangzhou, will be able to more easily transact via diverse payment options.

To enhance accessibility, WeChat and AliPay now allow verified users to link international credit cards, and privacy concerns are addressed by exempting foreigners from providing ID information for transactions below a certain value. China is actively promoting card transactions for larger payments, mobile payments for smaller amounts, and the liberalization of the financial services sector. Additionally, collaborations like the one between UnionPay International and Spring Airlines further contribute to this effort, fostering a safer and more efficient payment experience for tourists and business travellers in general.