![]() ![]() For transactions over 200 RMB, a 3% fee is applied. Thankfully, both apps do not charge transaction fees for amounts below 200 RMB. WeChat: Go to “Me”, then “Services”, “Wallet”, “Cards”, and “+ Add a Card”.Alipay: Open the app, click on “Me”, then “Bank Cards”, and finally “+” to add your card.Verify Your Identity: Follow through with the verification process.Register An Account: Click “Sign Up” or “Register” and provide your mobile number (even a foreign one).Download The App: Simply download the app at your Apple or Google Play store.Here are some easy-to-follow steps for setting up. Once you’ve done this, these apps will be your main payment gateway while in China. While many establishments display QR codes for both payment systems, do note that some smaller entities might only offer WeChat payment.įrom July 2023, both WeChat and Alipay allowed foreign credit cards to be linked. More than 70% of China’s population makes payments via Alipay. Integrated within Alipay are various other apps like Didi for rides and Taobao for shopping. Zhifubao, accounts for 40% of mobile payments. It’s used by over 90% of the Chinese populace, and more than 80% use it for peer-to-peer and retail transactions. Its popularity heightened with its dual function as a social media, communication, and entertainment platform. WeChat: Also known locally as Weixin, occupies 55% of the phone payment market.Having these 2 apps on your smartphone opens a world of convenience as they cover almost every payment need in China, from shopping and transport to bill payments and sending money to friends. A significant 64% of the Chinese population uses both apps. Tencent’s WeChat and Alibaba’s Alipay are the powerhouses in the digital payment scene. What payment methods are accepted in China? With the Mastercard-WeChat Pay integration, this could translate into a more convenient, hassle-free payment experience for visitors. It not only shows China’s increasing openness to international financial collaborations but also hints at a future where global and local payment platforms may complement each other.Īs China gears up to host international sporting events like the Asian Games, the nation welcomes a surge in international travellers. However, the recent tie-up between Mastercard and WeChat Pay indicates a significant change. This seamless integration, often termed “full-scale implementation,” is not just about marking a presence, but ensuring that the services from these international giants work harmoniously with China’s established systems, offering a hassle-free experience for users. For years, Visa, Mastercard, and American Express have navigated a maze of regulatory barriers, with the omnipresent UnionPay often overshadowing their efforts. The evolving relationship between global financial giants and China’s payment landscape is a captivating saga. Love-Hate Relationship With International Payment Platforms & China Below 200 RMB (approximately $28): No charges.Įxchange Rates: Set jointly by the card entity and your bank, ensuring clarity and some level of consistency for users.Per Transaction: 6,000 RMB (about $835).WeChat’s QR-code payments are accepted everywhere, from your local beggars and roadside stalls to luxurious retail boutiques.įor businessmen and tourists, navigating WeChat is pivotal for a seamless spending experience. ![]() ![]() Its prominence also meant that cash was becoming obsolete. With over a billion users, WeChat is now used for everything – from simple chats to booking flights, from shopping to banking. For those unfamiliar WeChat isn’t just a payment system, it’s the super app that has permeated every facet of their daily life. Mastercard recently announced that its cardholders can now link their cards to WeChat Pay. Mastercard and WeChat Pay Integration: A Game Changer? Here’s a guide to payment methods in China to make sure you have a smooth, fuss-free trip. If you’re heading to China soon for the first time, don’t worry, we’ve got your back. judging by the way flight ticket prices soared immediately after the country’s relaxation of travel restrictions in August 2023. We know how many of you have set your sights on travelling to China. It not only streamlines transactions but also provides a genuine experience of China’s rapidly evolving digital landscape. With nearly 1 billion residents regularly relying on mobile payments, it has unquestionably become the standard way of conducting financial transactions.įor travellers in China, embracing these digital payment methods is not just convenient but essential. In the past year alone, there were more than 158 billion mobile payment transactions in China, totalling an astounding RM$500 trillion. ![]()
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