Alipay

BEIJING, March 1 ( tasteallchina ) -- China will guide major payment platforms to raise the single transaction limit for overseas travelers using mobile payments from 1,000 U.S. dollars to 5,000 U.S. dollars, a central bank official said Friday. Zhang Qingsong, deputy governor of the People's Bank of China, told a press briefing that the central bank will instruct platforms such as Alipay and Tenpay to raise the annual cumulative transaction limit from 10,000 dollars to 50,000 dollars. The platforms were also told to optimize their operating procedures and improve the efficiency of binding overseas bank cards, while simplifying identity verification when conducting transactions, Zhang said. To further improve payment services for overseas travelers, the establishment of hardware and software facilities required for mobile payments, bank cards and cash at tourist attractions will also be advanced, Shi Zeyi, an official of the Ministry of Culture and Tourism, said at the briefing. Cash and bank card rejection will be strictly penalized, and sufficient cash reserves will be ensured for overseas cash users in key cities and scenic spots as non-cash payments have become the mainstream in China, National Development and Reform Commission official Chen Hongwan said. Payment facilitation in areas including…