TNG eWallet users can now pay RM20,000 in a single Alipay QR transaction in China. Ant Group has raised its cross-border transaction limits by 5x.
to pay for high-value transactions of RM20,000. In response to China’s new policies to facilitate international visits, Ant Group has raised its single and annual transaction limit by 5x for international travellers using its cross-border payment services.The new policies apply to Ant’s twin cross-border mobile payment solutions.
As of February 2024, there are 10 eWallets enabled to offer a seamless payment experience at over 80 million Alipay merchants in China. This includes AlipayHK , MPay , HiPay ; Changi Pay and OCBC ; Kaokao Pay, Naver Pay and Toss Pay , TrueMoney and Malaysia’s very own TNG eWallet.in China. You can use it to scan local Alipay QR codes or show your QR code to the merchant. The transaction uses your TNG eWallet’s ringgit balance and will convert to Chinese Yuan in real-time.
China’s State Council released a guideline last month which aims to optimise payment services and increase payment convenience for international travellers. The People’s Bank of China announced that it will guide payment platforms to increase the single transaction limit for foreign nationals using mobile payment systems to USD 5,000 and the annual transaction limit to USD 50,000. This comes after
Commenting on the recent transaction limit change, TNG Digital CEO Alan Ni said, “Capturing more than 50% 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.
Ant Group says travel to China is expected to pick up in 2024 with the new visa-free policies and efforts to increase the number of international flights. During Chinese New Year 2024, Alipay’s data showed a 500% increase in spending via international card-enabled Alipay accounts at merchants in mainland China compared to 2023., there’s a monthly transaction limit of RM25,000 and an annual transaction limit of up to RM300,000.
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