Ant Group raises transaction limits of mobile payment services for overseas visitors in China
In response to China’s new policies to facilitate international visits, Ant Group is raising the single-transaction limit for international travellers using its cross-border payment services from US$1,000 to US$5,000 and the annual cumulative transaction limit from US$10,000 to US$50,000.
According to its press statement, the new policies apply to Ant’s twin cross-border mobile payment solutions. International travellers may download the Alipay app and bind their international cards or use their home wallets to pay like a local, thanks to Alipay+, the crossborder payment solution offered by Ant International.
As of February 2024, users of 10 such wallets can enjoy a seamless payment experience on the 80-million-strong merchants network in China, including AlipayHK (Hong Kong), MPay (Macao ), 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).
On March 7, 2024, China’s State Council released a guideline to further optimise payment services and increase payment convenience for international travellers. The People’s Bank of China (PBC) has also recently announced that it will guide payment platforms to raise the single transaction limit for foreign nationals using mobile payment services from US$1,000 to US$5,000 and the annual transaction limit from US$10,000 to US$50,000.
For expats and other international visitors, Alipay has launched a multi-language translation function for international visitors.
In September 2023, Ant International introduced the ‘Alipay+-in-China’ (A+ China) Programme, which enabled 10 Asian e-wallets to be used in mainland China.
Users from Malaysia, Mongolia, Singapore, South Korea, Thailand, Hong Kong and Macao can pay seamlessly with their home payment apps at tens of millions of merchants across the country, wherever Alipay works, to enjoy secure, smooth and cashless payment and transparent and competitive exchange rates.
AlipayHK, Touch ’n Go eWallet, and Kakao Pay were the first three e-wallets to be enabled, and in a six-month period in the leadup to the Hangzhou Asian Games in September, transactions grew 47 times, reflecting the preference for tourists to travel and pay like a local. Alipay+ said it will continue to widen the service coverage for overseas wallet users, including broader public transportation and ride-hailing services.
TNG Digital Sdn Bhd chief executive officer Alan Ni said: “Capturing more than 50 per cent 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 will bring to both our users and merchants on the mainland of China.”