Ant Group Boosts Transaction Limits for International Travellers to Enhance Payment Services
Ant Group has recently announced a significant increase in transaction limits for international travellers utilizing its cross-border payment services. The single-transaction limit has been raised from US,000 to US,000, while the annual cumulative transaction limit has also seen a jump from US,000 to US,000. This move aligns with China’s latest policies aimed at simplifying international visits.
The updated policies will impact Ant’s twin cross-border mobile payment solutions, Alipay and Alipay+. International travellers can now ‘pay like a local’ by downloading the Alipay app, linking their international cards, or using their home wallets. Through Alipay+, 10 e-wallets worldwide connect travellers to a merchant network in China with 80 million establishments.
These changes follow recent policy adjustments from China. The State Council of China released guidelines on March 7th, 2024, to streamline payment services and enhance convenience for international visitors. The People’s Bank of China also directed payment platforms to raise transaction limits for foreign nationals.
The measures aim to facilitate international transactions in anticipation of increased travel to China, driven by new visa-free policies and expanded flight routes. During Chinese New Year in 2024, Alipay reported a 500% increase in spending via international card-enabled accounts at Chinese merchants compared to the previous year.
In September 2023, Ant International introduced the Alipay+-in-China (A+ China) Program, allowing Asian e-wallets to operate in mainland China. This led to a 47-fold increase in transactions within a six-month period.
CEOs of various e-wallets across Asia have expressed optimism about this development. Alan Ni, CEO of TNG Digital Sdn. Bhd, sees it as a significant step towards global payment convenience, enhancing users’ travel and shopping experiences. John Sun, CEO of Macao’s MPay, believes the policy will boost economic development in the Greater Bay Area and improve payment experiences for international tourists. Naranbat Battulga, Founder and Chairman of Hipay LLC, highlighted the increased transaction limits’ value, providing convenience to end users paying over US,000 per transaction.
