Merchants encouraged to expand payment options

The People’s Bank of China, the Ministry of Commerce and the State Administration of Foreign Exchange have issued a notice laying out measures that would help merchants better optimize their ability to receive payments from senior residents and foreigners in China.

Local commerce authorities and PBOC’s branches should work together to make a list of key business venues for such consumers, including shopping malls, department stores, supermarkets, convenience stores, restaurants and dutyfree shops.

They should encourage these businesses to better equip themselves to accept various forms of payment such as those made by phone, domestic and foreign bank cards, and cash so that consumers have a choice on how they would like to pay.

The authorities are also urged to guide business entities in the retail, catering and accommodation sectors — especially convenience stores, farmers’ markets, breakfast eateries, beauty salons, barbershops and pharmacies — to accept cash payments, the notice said.

They should also push financial institutions in the banking sector, non-bank payment institutions and clearinghouses to improve mobile payment services, so that it will be easier for senior residents and foreigners to register for and use such services, the notice said.

It also encouraged e-commerce platforms to offer multilingual services and more payment options to meet the needs of foreign shoppers.