Banking Regulation

Shenzhen Enhances Transactions for Foreign Visitors in China's Greater Bay Area

Main image to the post Shenzhen Enhances Transactions for Foreign Visitors in China's Greater Bay Area

In Shenzhen, Guangdong province, a collaborative effort led by major banks, payment apps, and card payment giants has introduced new measures to enhance transactions for foreign visitors in China. These initiatives aim to align mobile payments with foreign visitors' preferences, standardize small-amount cash transactions, and facilitate bank card payments for large transactions.

The People's Bank of China (PBOC) has guided the implementation of these measures, which include promoting mobile payments through QR codes for smaller transactions and ensuring cash payments remain a viable option. Shenzhen, as a key player in the Guangdong-Hong Kong-Macao Greater Bay Area, is seen as crucial for nurturing a premium payment ecosystem and enhancing the overall consumer experience.

Specialized services have been introduced under this initiative, such as WeChat payment wallets compatible with foreign cards, digital RMB wallets, payment advisory services, remote assistance, and cash exchange services. Tenpay, Tencent Holdings Ltd's payment affiliate, has simplified the process of linking international cards to WeChat, enabling convenient microtransactions for services like dining and shopping.

As China witnessed a substantial increase in entries and exits in 2023, the transaction volume of mobile payments by foreign visitors also surged. Data from PBOC shows that in the fourth quarter of 2023 alone, there were approximately 35 million transactions made by overseas visitors to China, with a total value of 5 billion yuan ($691.53 million).

Banks like Ping An have enhanced cash exchange services by placing ATMs in commercial districts, hotels, tourist attractions, and transportation hubs in Shenzhen. These ATMs support cash withdrawals with foreign cards and offer bilingual operations in Chinese and English.

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May 21, 2023 | 05:09