China’s mobile payment rate currently stands at 86 per cent, with more than 900,000 inbound tourists using mobile payments for more than 20 million transactions totalling over 3 billion yuan (about US$414,6 million) between January and February 2024.

Chinese banks are actively working to increase the acceptance of foreign bank cards and encourage the use of cash domestically. Major payment organisations are encouraged to expand mobile payment products and develop digital RMB solutions to meet foreigners’ mobile payment needs.

Currently, all major banks in China support foreign bank card cash withdrawals at their ATMs. In addition, more than 60,000 bank branches and nearly 2,300 foreign exchange outlets across China offer foreign currency exchange services. This is reported by
CCTV+, a partner of TV BRICS.

Head of the Payments and Settlement Department of the People’s Bank of ChinaYan Fang, announced a new cash acceptance service called “coin purse” containing small notes to facilitate cash transactions, especially in taxis.

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