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szdaily -> News -> 
City sees ¥8.7B in noncash payment transactions by foreigners in H1
    2024-07-22  08:53    Shenzhen Daily

IN the first half of this year, Shenzhen witnessed 66.8 million noncash payment transactions by foreigners, totaling 8.7 billion yuan (US$1.2 billion), marking an 85% year-on-year increase, according to data from the People’s Bank of China Shenzhen Branch, Shenzhen Special Zone Daily reported.


Shenzhen offers foreigners a more streamlined and rapid payment experience, encompassing activities such as ordering takeout and using public transport.


These advancements are a direct result of Shenzhen’s innovative initiatives, which include trials for agent-assisted account openings, enabling the direct use of overseas bank cards in mobile payments, and the introduction of digital currency hardware wallets.


“In China, WeChat Pay is so convenient that you don’t have to carry cash with you on a daily basis,” said a restaurant owner called Diego, who has lived in Shenzhen for many years and runs an Italian restaurant in Shekou, Nanshan District.


After Tencent launched a simplified card binding solution on WeChat Pay this year, Diego specifically posted a card binding guide at the checkout counter in his restaurant, which helps international travelers link their foreign bank cards with WeChat Pay with just a few simple steps, according to the Daily report.


“Using overseas UnionPay cards in Shenzhen is not only convenient but also safe and reliable,” said Park from South Korea, a frequent business traveler to China, who relied on his UnionPay card for a variety of transactions during his stays in Shenzhen.


Shenzhen serves as a crucial entry point for international visitors, as well as compatriots from Hong Kong and Macao. Shenzhen checkpoints facilitated 1.13 billion entries and exits in the first six months of this year — a 79% increase year on year, accounting for 39% of the national total.


With a focus on key transportation hubs like airports and high-speed rail stations, Shenzhen is continually enhancing its services for travelers. To date, the city has two dedicated overseas visitor payment service centers and five convenient financial service points that integrate payments with cultural tourism, telecommunications, and transportation, offering round-the-clock integrated services to international visitors.


The Shenzhen airport has installed consultation service desks equipped with payment guides for foreign visitors and consumption brochures for the airport’s commercial areas. Staffers are readily available to assist both merchants and foreigners with payment inquiries, according to the Daily.


The airport has established six foreign currency exchange points, installed eight new ATMs, and set up three digital currency hardware wallet terminal devices. Foreign bank card acceptance is comprehensive, with digital yuan coverage exceeding 80%.


Foreign visitors to China typically engage in small-scale transactions, with an average amount of around 100 yuan, particularly active in online lifestyle services, shopping, dining, and tourism, statistics showed.


Since last year, China has piloted network-free SIM card hardware wallets to facilitate the payments of international travelers. The SIM card hardware wallet on the e-CNY app allows digital RMB payments reliant on a mobile phone’s NFC function.


To date, Shenzhen has installed 23 self-service issuance machines for digital currency hardware wallets, issuing nearly 30,000 hardware wallets. Over 36,000 terminal devices and more than 100 bus routes now support these hardware wallets.


(Zhang Yu, Ouyang Lu)

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