China pledges further measures to make payment apps easier for foreigners to use as it looks to boost economy
- State Council says it has approved measures to make it easier for overseas visitors and elderly people to use payment apps
- Government also pledges to boost foreign investment as prosecution office unveils plans to improve legal environment for foreign companies
On Friday state news agency Xinhua reported that the State Council, China’s cabinet, had approved unspecified measures to make it easier for foreigners and elderly people to use payment services.
In recent years the use of cash has declined sharply in favour of payment apps, but a number of legal barriers – a result of the country’s strict and complex foreign exchange controls – have made them difficult, if not impossible, for foreigners to use, with major providers being shut out of the system.
These difficulties have been regularly cited by foreign business groups as a major factor in deterring visitors, with policy unpredictability and tighter national security checks also undermining China’s appeal to investors.
The change allowed overseas visitors without a Chinese bank account to pay with WeChat Pay and Alipay as locals would, including by registering with their real names. Alipay is owned by Ant Group, an affiliate of the South China Morning Post’s owner Alibaba.