Key Points:
- Touch ‘n Go eWallet users can now make high-value transactions in China by following new policies. Ant Group has increased transaction limits.
- The Alipay app and supported home wallets can be used for seamless payments at over 80 million Alipay merchants in China.
- China’s State Council and the People’s Bank of China have introduced measures to enhance payment convenience for international tourists.
- Ant Group expects increased travel to China in 2024, supported by visa-free policies and efforts to boost international flights.
Malaysians traveling to China can now utilize their Touch ‘n Go eWallet for transactions up to RM20,000, following China’s new policies to facilitate international visits. Ant Group, in response, has elevated its transaction limits for international travelers using its cross-border payment services by fivefold.
Ant Group has announced an increase in the single-transaction limit for cross-border payments from USD 1,000 per day to USD 5,000 and the annual cumulative transaction limit from USD 10,000 to USD 50,000. These new policies apply to Ant Group’s cross-border mobile payment solutions, enabling international tourists to download the Alipay app and bind their international credit cards or use supported home wallets to pay via the Alipay+ network, offering a seamless payment experience at over 80 million Alipay merchants in China.
As of February 2024, 10 eWallets can make payments at Alipay merchants, including Malaysia’s TNG eWallet. TNG eWallet users can now make Alipay QR payments in China using their ringgit balance, with real-time conversion to Chinese Yuan. China’s State Council recently released guidelines to optimize payment services for international travelers, prompting the People’s Bank of China (PBC) to increase the single transaction limit to USD 5,000 and the annual transaction limit to USD 50,000 for foreign nationals using mobile payment systems.
Alan Ni, CEO of TNG Digital, expressed pride in TNG eWallet’s acceptance in China, emphasizing the enhanced convenience for users and merchants. Ant Group anticipates a surge in travel to China in 2024, supported by new visa-free policies and efforts to boost international flights.
Touch ‘n Go eWallet eWallet users should note the maximum wallet size of RM20,000 after verification and the monthly and annual transaction limits for Premium eWallet tier users. Additionally, a 1% fee has been imposed on all credit card reloads since February 23, 2024, while reloads via DuitNow and debit card remain free.
