Alipay becomes first digital wallet to allow remittances between Macau and mainland China
- From Tuesday, Alipay Macau users can transfer payments in Macau patacas to bank cards linked with mainland Alipay accounts registered under the same name
- Alipay’s announcement follows the unveiling of a plan to improve integration between Macau and Hengqin Island in Guangdong province
Alipay Macau users can from Tuesday transfer payments in Macau patacas after completing intermediate or above identity verification processes. They will be able to receive money, which will be converted into yuan, on bank cards linked to mainland Chinese Alipay accounts registered under the same name.
Alipay’s announcement follows the unveiling of a plan to improve integration between Macau and Guangdong province’s Hengqin Island over the weekend. Under the plan, which has been approved by China’s State Council, Macau residents can effectively work and freely cross the border into the Hengqin area. The enterprise income tax rate for companies in Hengqin will be 15 per cent, lower than the 20 to 25 per cent rate charged in mainland China, while personal income tax for Macau residents working in Hengqin will be kept at the same rate they pay in Macau, also capped at 15 per cent.
The digital payments provider rolled out similar functions in Hong Kong, allowing the city’s residents to use AlipayHK to transfer payments in Hong Kong dollars to mainland Chinese bank cards linked with Alipay accounts under the same name after the completion of certain identity verification processes.