Malaysians visiting China can now use their Touch ‘n Go eWallet 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.
According to Ant Group, the single-transaction limit for cross-border payments has increased from USD 1,000 per day to USD 5,000 per day (about RM23,440 per transaction). Meanwhile, the annual cumulative transaction limit has been increased from USD 10,000 to USD 50,000 (about RM234,440 per year).
The new policies apply to Ant’s twin cross-border mobile payment solutions. International tourists visiting China can either download the Alipay app ( Apple App Store, Google Play Store and Huawei AppGallery) and bind their international credit card, or use their supported home wallets to pay like a local via the Alipay+ network.
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 (Hong Kong SAR, China), MPay (Macao SAR, China), HiPay (Mongolia); Changi Pay and OCBC (Singapore); Kaokao Pay, Naver Pay and Toss Pay (South Korea), TrueMoney (Thailand) and Malaysia’s very own TNG eWallet.
In case you missed it, Malaysians can use their TNG eWallet account to make Alipay QR payments 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. Users can view the current exchange rates in real-time and it is no longer necessary to exchange your cash before you travel to China.
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 (PBC) 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 China announced visa-free entry for up to 15 days for several countries including Malaysian citizens.
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. This development underscores our unwavering commitment to becoming the ultimate travel companion eWallet for our esteemed users. Not only does it streamline our users’ travel experiences, but it also empowers them to explore an array of local merchants, providing unparalleled flexibility in their shopping and travel endeavours. We are excited about the opportunities this expansion will bring to both our users and merchants on the mainland of China.”
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.
If you’re visiting mainland China soon, you can check out our guide on using TNG eWallet for Alipay payments or watch the video below:
Take note that TNG eWallet has a maximum wallet size of up to RM20,000 after verification. On the Premium eWallet tier, there’s a monthly transaction limit of RM25,000 and an annual transaction limit of up to RM300,000. In case you missed it, TNG eWallet users have imposed a 1% fee for all credit card reloads from 23rd February 2024. Reloads via DuitNow and debit card remain free.
