Malaysian tourists to China can now pay for RM20,000 high-value transactions with their Touch ‘n Go eWallet. Ant Group has increased its yearly and single transaction limits for foreign users of its cross-border payment services by five times in response to China’s new initiatives to promote foreign tourism.

The cross-border payment single transaction limit has reportedly been raised from USD $1,000 to USD 5,000 per day (or around RM23,440 per transaction), according to Ant Group. In the meantime, the annual cumulative transaction limit has been raised to USD 50,000 (or around RM234,440) from USD 10,000.

Ant’s dual cross-border mobile payment solutions are subject to the new regulations. When visiting China, foreign visitors have two options: they can use their supported home wallets to make payments like locals via the Alipay+ network, or they can download the Alipay app (available on the Apple App Store, Google Play Store, and Huawei AppGallery) and bind their international credit card.

Ten eWallets are ready to provide a smooth payment experience at more than 80 million Alipay merchants in China as of February 2024. These include the following: Changi Pay and OCBC (Singapore); Kaokao Pay, Naver Pay, and Toss Pay (South Korea); TrueMoney (Thailand); AlipayHK (Hong Kong SAR, China); MPay (Macao SAR, China); HiPay (Mongolia); and Malaysia’s very own TNG eWallet.

In case you missed it, Malaysians can pay with Alipay QR codes in China using their TNG eWallet account. You can show the merchant your QR code or use it to scan local Alipay QR codes. The transaction will instantly convert the ringgit balance in your TNG eWallet to Chinese Yuan. It is no longer required to exchange your cash before you travel to China; users may examine the current currency rates in real-time.

A directive from China’s State Council was published last month with the intention of improving payment services and making payments easier for visitors from other countries. The People’s Bank of China (PBC) declared that it will direct payment networks to raise the annual transaction limit to USD 50,000 and the single transaction limit to USD 5,000 for foreign nationals utilizing mobile payment systems. This comes after China stated that nationals of numerous nations, including Malaysia, will be able to enter the country for up to 15 days without a visa.

Commenting on the recent transaction limit change, TNG Digital CEO Alan Ni said, “Capturing more than 50 per cent of the market share in Malaysia, TNG Digital is proud to be one of the first overseas eWallets accepted in the Chinese mainland. The recent policy change by the People’s Bank of China, raising transaction limits for foreign nationals utilising mobile payment services, marks a monumental leap forward in global payment convenience. This development underscores our unwavering commitment to becoming the ultimate travel companion eWallet for our esteemed users. Not only does it streamline our users’ travel experiences, but it also empowers them to explore an array of local merchants, providing unparalleled flexibility in their shopping and travel endeavours. We are excited about the opportunities this expansion will bring to both our users and merchants on the mainland of China.”

According to Ant Group, with the new visa-free regulations and initiatives to boost the number of international flights, tourism to China is anticipated to pick up in 2024. According to Alipay’s data, during Chinese New Year 2024, mainland Chinese businesses saw a 500% increase in spending via international card-enabled Alipay accounts compared to 2023.

Be aware that the maximum wallet size on TNG eWallet, following verification, is RM20,000. The monthly and annual transaction limits for the Premium eWallet tier are RM25,000 and RM300,000, respectively. In case you missed it, starting on February 23, 2024, all credit card reloads will incur a one percent fee from TNG eWallet subscribers. Debit card and DuitNow reloads are still free. — Soyacincau

Topics #TNG eWallets in China