Central Bank: Increase the single transaction limit for foreigners using mobile payments from US$1,000 to US$5,000

In response to the inconvenience of foreigners in China using mobile payments, Zhang Qingsong, deputy governor of the People's Bank of China, said at the press conference:First, in view of the low success rate of people coming to China to use Alipay and WeChat to bind overseas bank cards, Alipay and Tenpay are required and guided to optimize their business processes and improve the efficiency of card binding.

The second is to simplify the identity verification arrangements to make it easier for foreigners coming to China to process a series of processes such as card binding. We are also very concerned about the protection of personal information. We will strictly require relevant agencies to implement the "Personal Information Protection Law" and other regulations to effectively protect the security of personal information.

The third is to guide major payment institutions such as Alipay and Fortune Express to increase the single transaction limit for foreigners using mobile payments from US$1,000 to US$5,000, and increase the annual cumulative transaction limit from US$10,000 to US$50,000.