Chinese Fintech firm Ant Group has announced substantial increases in transaction limits for international travelers using its cross-border payment services.
Effective immediately, the single-transaction limit has been raised from $1,000 to $5,000, and the annual cumulative transaction limit from $10,000 to $50,000.
This policy change, detailed in a statement released on Friday, applies to Ant’s twin cross-border mobile payment solutions, offering international travelers the ability to use the Alipay app or their home wallets for seamless payments across an 80-million strong merchants network in China.
The initiative follows guidelines released by China’s State Council on March 7 and is supported by the People’s Bank of China (PBC), which also announced it would guide payment platforms to implement these new limits.
This move is part of a broader effort to optimize payment services and increase convenience for international travelers amid expectations of increased travel to China, thanks to new visa-free policies and an increase in international flights.
During the Chinese New Year 2024, Alipay reported a 500% increase in spending via international card-enabled accounts at merchants in the Chinese mainland compared to 2023, highlighting the growing demand for convenient payment solutions.
In September 2023, Ant International launched the “Alipay+-in-China” Program, allowing users from ten Asian e-wallets to make cashless payments at millions of merchants across China.
E-wallet providers from Malaysia, Mongolia, Singapore, South Korea, Thailand, Hong Kong SAR, and Macao SAR have praised the policy changes, noting the positive impact on travel convenience and economic development in the region.
Alan Ni, CEO of TNG Digital Sdn. Bhd., emphasized the importance of the policy in enhancing the travel experience and flexibility for users.
John Sun, CEO of Macao’s MPay, and Naranbat Battulga, Founder of Hipay LLC, also expressed support for the policy, highlighting its potential to improve payment experiences and economic integration in the Greater Bay Area.