Online payment Photo: VCG

 
China's payment industry group, Payment & Clearing Association of China (PCAC), issued a proposal on Tuesday calling for cuts to bank card payment fees across the country in order to improve the payment experience for foreigners while traveling and working in China.

This move is part of the further implementation to "Opinions on Further Optimizing Payment Services to Facilitate Payments," issued by the State Council, China's cabinet, in March, emphasizing the need to focus on difficulties faced by certain groups, including seniors and foreign travelers, when it came to payment options in China.

International card organizations are urged to facilitate payment flexibility for foreigners in China. Together with other member, the corresponding organizations need to implement preferential foreign card acquiring service rates to reduce acceptance costs and boost the willingness of merchants of all sizes to accept foreign cards, according to PCAC's proposal.

Acquiring institutions must adhere to the principle of "payments for the people." From the date of implementation of international card organization's foreign card rate concessions, all rate discounts will be passed on to merchants to effectively reduce acceptance costs, according to the proposal.

Acquiring institutions and their outsourced service providers are prohibited from secretly increasing costs or transferring costs, or even indirectly raising rates. They should communicate with merchants and disclose information in accordance with relevant regulatory policies and industry self-discipline requirements, according to PCAC.

PCAC said that all payment service providers should deeply understand the significance of improving payment services for foreigners in China, while seeking to continuously improve payment products and services. In addition, service providers should enhance service scenarios and payment acceptance environment, and further improve the convenience of payment for foreigners in China.

The proposal, released Tuesday, addresses the increasing need for diversified payment services in the business sector, in line with the nation's continuous endeavors to enhance high-quality engagement with the global community.

Recently, the Chinese government and industry organizations have ramped up efforts to support easier payment for foreigners in China, with a slew of measures being taken place.

On April 17, the People's Bank of China, Ministry of Commerce, and State Administration of Foreign Exchange introduced new policy measures aimed at facilitating easier payment for foreign visitors, targeting key areas such as bank card acceptance, cash payments, mobile payments, account services, and educational efforts.

Global Times