China Bolsters Foreign Card Acceptance to Boost Tourism and Business

In a strategic move to enhance the payment experience for foreign tourists and business people, the People’s Bank of China (PBOC) is encouraging local banks and businesses to expand their acceptance of foreign bank cards. Spearheaded by the deputy governor of the People’s Bank of China, Zhang Qingsong, the initiative targets hotels, restaurants, department stores, and other vendors.

Reviving Tourism Amidst Pandemic Controls

The efforts are part of a broader scheme to reinvigorate foreign visits that have been hampered by stringent pandemic border controls. To this end, China has implemented liberal visa-free travel policies for certain European and Southeast Asian nations. Furthermore, WeChat and AliPay, China’s dominant mobile payment apps, have begun allowing verified users to link their international credit cards for transactions. This follows a period when foreign credit cards were often unaccepted in shopping malls,…