Chinese mobile payment platforms have long been dominated by domestic firms, catering to locals and restricting use by foreigners due to financial and data-control laws. However, in a recent announcement, the People’s Bank of China promised to make it more convenient for visitors to make payments in China, as part of a broader effort to attract overseas tourists and foreign investment.
Yan Fang, head of the PBOC’s Payment and Settlement Department, stated that foreign visitors can now choose among various payment methods, including bank cards, cash, and mobile payments. In June, there was a significant increase in transactions made via overseas bank cards in China, reaching 2.9 billion yuan (US$400 million), marking a substantial growth compared to previous months.
China’s New Visa-Free Policies Impact Tourism
Moreover, China has eased other policies to attract foreign tourists, such as adding Hainan to the list of regions embracing the 144-hour visa-free policy for foreign tour groups and allowing foreigners arriving on international cruises to stay in the country for 15 days without a visa.
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