China – Ant Group, a China-based financial services corporation, has recently announced that it has increased the single transaction limit for overseas visitors using Alipay’s cross-border payment services and international e-wallets in the country.
This strategic initiative comes after the State Council of China’s 2024 guideline aimed at enhancing payment services and convenience for international travellers.
This further encompasses the announcement of People’s Bank of China to instruct payment platforms to increase the single transaction limit for foreign nationals using mobile payment services from $US1,000 to $US5,000 and raise the annual transaction limit from $US10,000 to $US50,000.
As part of this agreement, international visitors are also offered the opportunity to download the app and link their international cards or home wallets for payments. The said solution will enable them to pay like a local through the cross-border payment solution from Ant International, “Alipay+.”
Furthermore, Alipay has introduced a multi-language translation function for expatriates and other international visitors.
Commenting on the initiative, Alan Ni, chief executive officer at TNG Digital Sdn. Bhd., the operator of Touch ‘n Go eWallet, Malaysia’s favourite eWallet, said, “Capturing more than 50% of the market share in Malaysia, TNG Digital is proud to be one of the first overseas eWallets accepted in the Chinese mainland. The recent policy change by the People’s Bank of China, raising transaction limits for foreign nationals utilising mobile payment services, marks a monumental leap forward in global payment convenience.”
“This development underscores our unwavering commitment to becoming the ultimate travel companion eWallet for our esteemed users. Not only does it streamline our users’ travel experiences, but it also empowers them to explore an array of local merchants, providing unparalleled flexibility in their shopping and travel endeavours. We are excited about the opportunities this expansion brings to both our users and the merchants on the Chinese mainland,” explained Allan.
John Sun, CEO at Macao’s MPay, also remarked, “This policy will undoubtedly be beneficial in promoting the economic development and integration process of the Greater Bay Area. It will further upgrade the payment experience and satisfaction of international tourists visiting Macao and the Bay Area. As the preferred payment platform for Macao residents, MPay will also strengthen its promotional operations before, during, and after travel, expand more consumption scenarios in retail, dining, culture, leisure entertainment, and tourism, and support the promotion of Macao’s ‘1+4’ moderate and diverse industrial development strategy.”
“MPay continues to commit to helping merchants better serve international tourists visiting Macao through innovative one-stop acquiring technology services, addressing the pain points of cross-border payments for international tourists, and creating an interconnected international payment digital ecosystem for the Macao market,” he added.
Meanwhile, Naranbat Battulga, founder and chairman at Hipay LLC, stated, “By joining Alipay+ Payment, our users are delighted by the convenient payment option with their home e-wallet. However, based on our data, over 85% of our users tend to pay over US$1000 per transaction. Therefore, we are delighted to hear the news that per transaction and annual transaction limit has increased five times, which will bring tremendous convenience to end users.”
Among the wallets that now enjoy the payment experience across China’s 80-million-strong merchant network are AlipayHK (Hong Kong SAR, China), MPay (Macao SAR, China), Hipay (Mongolia), Changi Pay and OCBC Digital (Singapore), Touch ‘n Go eWallet (Malaysia), Kakao Pay, Naver Pay, and Toss Pay (South Korea), and TrueMoney (Thailand).
