Shanghai boosts payment convenience for elderly, foreign residents

SHANGHAI, July 18, 2024 /PRNewswire/ -- A news report from english.shanghai.gov.cn:

Shanghai has significantly improved payment convenience for both elderly and foreign residents, as highlighted by Chen Yong, deputy inspector at Shanghai Head Office of the People's Bank of China, during the bank's 2024 third-quarter press conference on July 10.

Chen outlined several initiatives aimed at improving payment services across the city, including a comprehensive action plan issued on April 18. The plan targets six major areas with 15 specific goals and involves 20 city departments to ensure coordinated implementation.

Key actions include improving foreign card acceptance, enhancing cash withdrawal convenience, and optimizing mobile payment applications. As of June 30, over 50,000 merchants and 70,000 terminals in Shanghai had supported foreign card payments. Foreign card transactions exceeded 1.9 million in the first half of 2024, totaling 3.5 billion yuan ($481.05 million).

The Shanghai government has implemented a subsidy policy for point of sale (POS) machine deployment, which has significantly boosted foreign card acceptance. Additionally, the city focused on critical scenarios such as metro stations and railway stations, equipping them with card acceptance terminals to resolve payment issues.

To improve cash services, Shanghai has expanded the availability of small-denomination cash withdrawals at ATMs in strategic locations and opened 222 foreign currency exchange points.

The Shanghai branch of the Industrial and Commercial Bank of China (ICBC), for instance, has increased its cash reserves and installed 63 ATMs capable of dispensing 10-yuan notes. "We have set up over 450 small-denomination cash exchange channels to facilitate easy access to change," said Mi Liang, vice-president of the Shanghai branch of ICBC.

The Shanghai branch of the Bank of China has doubled the number of merchants and terminals that accept foreign card payments, resulting in a two-fold increase in transaction volume. "We have ensured comprehensive coverage of foreign card acceptance in major commercial zones and collaborated with major hotel chains and international coffee brands," said Zhang Xinyuan, vice-president of Shanghai branch of the Bank of China.

Alipay, one of the most popular mobile payment platforms in China, has been instrumental in promoting mobile payment solutions for foreign residents. "By June 30, Alipay's foreign card binding' service had supported more than 400,000 foreign users," said Wang Lijuan, general manager of Alipay. The company has also launched marketing campaigns and expanded service coverage in major commercial areas and transportation hubs.

China UnionPay has contributed to enhancing payment convenience through its "Jinxiu Action 2024" campaign. "We have provided substantial subsidies and support to acquiring institutions to lower the cost of upgrading payment terminals," said Gong Zhongrui, general manager of the Shanghai branch of China UnionPay. The company has also promoted the use of UnionPay cards and mobile wallets among foreign residents, ensuring widespread acceptance in key commercial areas and tourist attractions.

The establishment of comprehensive service centers at Shanghai's international airports has increased convenience for international travelers. These centers provide 24-hour services, including payment, telecommunications, cultural and tourism information, and transportation assistance. On June 29, the first such center began trial operations at Shanghai Pudong International Airport's T2 terminal.

Meanwhile, Shanghai has optimized payment convenience for the elderly, with over 90 percent of bank branches in the city having completed elderly-friendly renovations. More than 6,000 self-service machines now support passbook printing, and 656 elderly service stations have been established. Additionally, major payment service providers have enhanced mobile banking apps with large-font versions and upgraded transfer risk control measures to better serve the elderly population.

Looking ahead, Chen noted that the Shanghai Head Office of the People's Bank of China will continue to enhance payment convenience in collaboration with various departments. The goal is to establish a safer, more convenient, efficient, and inclusive payment environment in Shanghai, contributing to the city's development as a benchmark for payment convenience and supporting the construction of the city's "Five Centers" initiative.

SOURCE english.shanghai.gov.cn