BEIJING – China has upgraded its digital renminbi (RMB) payment services as part of the country’s efforts to improve the profile of its digital currency and make the payment process more user-friendly for foreigners.
With mobile payment becoming the dominant means of payment in China, such steps will offer foreigners a better experience during visits to the country, experts said, adding that more measures are expected to further promote the digital fiat currency.
The newly launched Top-up feature on the e-CNY app allows foreigners to reload their digital wallets using the online services of global payment networks such as Visa and Mastercard. Any balance or leftover currency in the e-CNY wallet can be returned to the foreign bank card or account that was used to reload the wallet. Foreigners can also reload their e-CNY wallets using cash at physical bank service outlets.
Previously, foreigners in China could not top up their e-CNY wallets in advance. They could only do so on the spot when making payments.
Foreigners will also be able to use more convenient online payment methods such as Quick Pay, a feature which was previously available only to domestic users.
The upgrade has shortened the payment duration, made the operation simpler and smoother, improved payment efficiency and reduced waiting times due to foreign card verification, enhancing the overall payment experience.
With the upgrade, foreigners can now use their e-CNY wallets both at brick-and-mortar merchants capable of accepting the digital currency under trial programmes, and on online platforms such as ride-hailing app Didi, takeaway service provider Meituan, travel portal Ctrip and e-commerce platform JD.
Chief researcher Dong Ximiao from Merchants Union Consumer Finance said that mobile payment services are not as widely used in most foreign countries and regions, compared with China.
Besides creating a more convenient payment environment for foreigners in China, the upgrade will also help to test the e-CNY platform and promote the digital currency internationally, Mr Dong added.
Analyst Zhou Maohua from China Everbright Bank said the upgrade will benefit foreigners and increase the presence of e-CNY in cross-border transaction scenarios, which will ultimately help to promote the digital RMB and facilitate the internationalisation of the currency.
China has been developing the digital version of the fiat currency since 2014 under trial programmes.
As of May 31, around 264 million e-CNY transactions have been made in trial regions, totalling 83 billion yuan (S$15 billion), according to the People’s Bank of China, the country’s central bank.
Senior researcher Zhou Mi from the Chinese Academy of International Trade and Economic Cooperation in Beijing said that China will always welcome foreign consumers, and added that there is still room for improvement in areas such as cross-border payment.
In another development, Chinese financial technology company Ant Group introduced seven new leading digital wallets and payment apps from Asia to China, bringing the total number of overseas digital wallets accepted in the country to 10.
The company said that users of overseas digital wallets, such as HiPay of Mongolia and Changi Pay of Singapore, will be able to use their domestic mobile e-wallets to enjoy a seamless payment experience in China across Alipay’s vast merchant network. CHINA DAILY/ASIA NEWS NETWORK
