THE resumption of cross-border travel has spurred the enthusiasm of Hong Kong residents to visit and consume in Shenzhen. The volume of transactions in Shenzhen for Hong Kongers using their WeChat Pay HK has increased more than 10 folds than that before the resumption, Nanfang Plus reported.

To facilitate consumption for Hong Kong and Macao residents in Shenzhen, the city has improved its cross-border payment methods. Hong Kong and Macao residents could pay with cash and bank cards or make digital transactions when making purchases in Shenzhen.

In terms of bank card payment, Hong Kong and Macao residents could pay via Union Pay cards issued by overseas banks. Currently, financial institutions in Hong Kong and Macao have issued more than 30 million bank cards allowing the users to swipe their bank cards at more than 32 million businesses. Alternatively, Hong Kong and Macao residents could apply for a bank card issued by mainland banks. They can choose to either open a personal account in a mainland city or open a mainland bank account at a proxy bank site in Hong Kong or Macao, using their identity cards or travel permits to the mainland.

By the end of June 2023, five banks in Shenzhen have issued bank cards to 283,300 users through proxy sites.

Cross-border digital transactions are also possible. Hong Kong and Macao residents can use a digital yuan app for making payments. They can also use various cross-border digital wallets, including WeChat Pay HK, AliPay HK, UnionPay HK and others.

Hong Kong and Macao accounts can be linked to WeChat Pay HK. Currently, WeChat Pay HK supports Hong Kong residents to consume in more than 1 million enterprises on the mainland. (Chen Siqi)