Caixin Global China Watch

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Caixin Global China Watch
Caixin Exclusive: China Seeks Cut in Foreign Card Transaction Fees to Encourage Usage

Caixin Exclusive: China Seeks Cut in Foreign Card Transaction Fees to Encourage Usage

The country’s payment and clearing association talks with international bank card issuers and payment processors to lower charges to ease burden on merchants and boost spending

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Caixin Global
Jun 24, 2024
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Caixin Global China Watch
Caixin Global China Watch
Caixin Exclusive: China Seeks Cut in Foreign Card Transaction Fees to Encourage Usage
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Since last year, the Chinese government has been pushing to make payment methods more convenient for foreigners, including increasing the acceptance of foreign bank cards. Photo: VCG

Since last year, the Chinese government has been pushing to make payment methods more convenient for foreigners, including increasing the acceptance of foreign bank cards. Photo: VCG

China is calling on global bank card clearing institutions to cut their fees on transactions made on the Chinese mainland using overseas cards, in an attempt to remove a major obstacle to the government’s intensifying efforts to make it easier for foreigners to make payments.

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