To redefine the landscape of international travel and commerce, Ant Group has announced a significant enhancement to its cross-border payment capabilities. This strategic decision is set to facilitate smoother financial transactions for international visitors to China, aligning with the nation’s welcoming stance towards global tourists.
Ant Group’s decision to raise the single-transaction limit from USD 1,000 to USD 5,000, alongside an uplift in the annual cumulative transaction limit from USD 10,000 to USD 50,000, marks a watershed moment. These changes, effective immediately across Ant’s twin cross-border mobile payment solutions, cater to the evolving needs of international travellers. With the ability to download the Alipay app and bind international cards or use their home wallets through Alipay+, visitors can now pay like locals amidst the sprawling merchant network in China.
The enhancement arrives on the heels of China’s State Council issuing guidelines aimed at optimizing payment services to increase convenience for international travellers. Echoing this initiative, the People’s Bank of China has announced its guidance for payment platforms to embrace these raised limits, ensuring a more inclusive and accommodating financial ecosystem for foreign nationals.
The timing is impeccable, as travel to China is anticipated to surge in 2024, buoyed by new visa-free policies and increased international flight connectivity. Alipay’s introduction of a multi-language translation function further underscores the commitment to a frictionless visitor experience. Evidence of this upswing was vividly illustrated during the Chinese New Year 2024, with Alipay reporting a staggering 500% increase in spending by international cardholders, underscoring the vibrant potential of this market segment.
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The A+ China Program
Launched in September 2023 by Ant International, is another cornerstone in this endeavour. It has already enabled users from ten Asian e-wallets to experience seamless payments across millions of Chinese merchants, showcasing the robust appetite for cashless convenience and the program’s rapid adoption.
Alan Ni, Chief Executive Officer of TNG Digital Sdn. Bhd., the operator of Touch ‘n Go eWallet, Malaysia’s favorite 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 also the merchants in the Chinese mainland.”
John Sun, CEO of Macao’s MPay, said: “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.”
Naranbat Battulga, Founder and Chairman of Hipay LLC, said: “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 5 times, which will bring tremendous convenience to end users.”
