Government News
Foreigners in Shanghai spending jumps 120% to US$1.1 billion in first half 2024-07-15
Foreigners spent 7.8 billion yuan (US$1.1 billion) in Shanghai in the first six months of this year, up 120 percent from a year earlier, boosted by the city's continuous efforts to make it more convenient for them to pay.
The number of payment transactions made by foreigners in the megacity on China's eastern seaboard surged 700 percent to 22 million in the first half from a year ago, according to data released by the local headquarters of the People's Bank of China on July 10.
Foreign card transactions in the city soared 120 percent to more than 1.9 million, with the amount spent jumping 80 percent to US$3.5 billion. Around 50,000 merchants and over 70,000 terminal devices accepted foreign cards as of the end of last month, up 180 percent and 110 percent, respectively, from a year ago.
Shanghai will set up a system for foreigners with mobile phone payment as the mainstay, bank card payment as the focus, and cash payment as the backup, Vice Mayor Hua Yuan previously told Yicai. It will promote China UnionPay, Alipay, and WeChat Pay to innovate cross-border payment functions and help users make mobile payments at domestic retailers, he added.
The city had over 9,000 automated teller machines supporting foreign cards, 222 foreign currency exchange points, 20 licensed foreign currency exchange outlets, 88 foreign currency exchange machines, and 3,028 bank outlets providing services to exchange foreign currencies.
The number of cash withdrawal transactions using foreign cards surged 140 percent to 750,000, while the amount withdrawn rose 50 percent to 2 billion yuan (US$275.6 million).
Foreigners used Alipay, TenPay, UnionPay International, and other mobile payment methods to complete nearly 19.5 million transactions worth 2.3 billion yuan in Shanghai in the first half, up 1,130 percent and 880 percent, respectively, from a year earlier.
Alipay has provided mobile payment services to over 4 million foreigners in China as of June 30, said Wang Lijuan, general manager of Alipay China Network Technology.
The Shanghai headquarters of China's central bank will continue to promote the implementation of various work initiatives to build a safer, more convenient, efficient, and inclusive payment environment, Yicai learned.
Source: Yicai Global
The number of payment transactions made by foreigners in the megacity on China's eastern seaboard surged 700 percent to 22 million in the first half from a year ago, according to data released by the local headquarters of the People's Bank of China on July 10.
Foreign card transactions in the city soared 120 percent to more than 1.9 million, with the amount spent jumping 80 percent to US$3.5 billion. Around 50,000 merchants and over 70,000 terminal devices accepted foreign cards as of the end of last month, up 180 percent and 110 percent, respectively, from a year ago.
Shanghai will set up a system for foreigners with mobile phone payment as the mainstay, bank card payment as the focus, and cash payment as the backup, Vice Mayor Hua Yuan previously told Yicai. It will promote China UnionPay, Alipay, and WeChat Pay to innovate cross-border payment functions and help users make mobile payments at domestic retailers, he added.
The city had over 9,000 automated teller machines supporting foreign cards, 222 foreign currency exchange points, 20 licensed foreign currency exchange outlets, 88 foreign currency exchange machines, and 3,028 bank outlets providing services to exchange foreign currencies.
The number of cash withdrawal transactions using foreign cards surged 140 percent to 750,000, while the amount withdrawn rose 50 percent to 2 billion yuan (US$275.6 million).
Foreigners used Alipay, TenPay, UnionPay International, and other mobile payment methods to complete nearly 19.5 million transactions worth 2.3 billion yuan in Shanghai in the first half, up 1,130 percent and 880 percent, respectively, from a year earlier.
Alipay has provided mobile payment services to over 4 million foreigners in China as of June 30, said Wang Lijuan, general manager of Alipay China Network Technology.
The Shanghai headquarters of China's central bank will continue to promote the implementation of various work initiatives to build a safer, more convenient, efficient, and inclusive payment environment, Yicai learned.
Source: Yicai Global
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