Promote the high-quality development of the payment industry! Central banks speak out

Optimize the payment service work and hand over the "half-year answer sheet".

On July 26, the People's Bank of China held a media briefing on "Promoting the High-quality Development of the Payment Industry", in which Yan Fang, Director of the Payment and Settlement Department of the People's Bank of China, Liu Xiaohong, First-level Inspector of the Treaty and Law Department of the People's Bank of China, Zhang Meng, Deputy Director of the Currency, Gold and Silver Bureau of the People's Bank of China, and Zhang Yuqing, Deputy Director of the Current Project Management Department of the State Administration of Foreign Exchange, attended and answered questions from reporters.

Since February this year, Pan Gongsheng, Governor of the People's Bank of China, presided over a meeting to promote the optimization of payment services, and the People's Bank of China has achieved positive results in less than half a year by providing more high-quality, efficient and convenient payment services for the elderly and foreign people coming to China. The coverage rate of foreign card acceptance of key merchants has been greatly improved, and the acceptance environment has been significantly improved. The willingness of expatriates to use mobile payment has increased significantly.

Yan Fang concluded that at present, foreign nationals, the elderly and other groups can flexibly choose diversified methods such as bank cards, cash, and mobile payment, and pay in various scenarios, and the convenience of payment has been significantly improved. The People's Bank of China (PBoC) will continue to optimize the provision of payment services. Explore the construction of a multi-party participation, cost sharing, and benefit sharing development model.

In the first half of the year, more than 5 million inbound people used mobile payment, a year-on-year increase of 4 times

In March this year, the General Office of the State Council issued the "Opinions on Further Optimizing Payment Services and Improving Payment Convenience" (hereinafter referred to as the "Opinions"), and after five months of efforts, the payment facilitation work has achieved positive results. Yan Fang concluded:

First, it is more convenient to pay by swiping cards with overseas bank cards. At present, the coverage rate of foreign card acceptance of key merchants has been greatly improved, and the acceptance environment has been significantly improved. According to statistics from major bank card organizations, in June 2024, there were 1.61 million overseas bank card payments, amounting to 2.9 billion yuan, and the transaction volume basically doubled compared with February.

Second, the acceptance of mobile payment has increased significantly. The willingness of expatriates to use mobile payment has increased significantly. In the first half of 2024, more than 5 million inbound people will use mobile payment, a year-on-year increase of 4 times; There were more than 90 million transactions, amounting to more than 14 billion yuan, both of which increased sevenfold year-on-year.

Third, the demand for foreign currency exchange has been effectively guaranteed, and the cash use environment has been continuously optimized. Foreign visitors to China can easily exchange RMB at 67,000 bank outlets, more than 4,200 foreign currency exchange facilities, and 320,000 ATMs across the country. The People's Bank of China (PBoC) has also increased the supply of cash, especially change notes, in the form of "coin purses" and other means, and has continued to rectify the illegal act of refusing to accept RMB cash. In the first half of 2024, the mainland's cash injection increased by 6% year-on-year, of which the amount of small banknotes below 20 yuan increased by 30%, and the role of cash in the bottom line has been significantly improved.

Fourth, it is more convenient for overseas people to open an account. The People's Bank of China (PBoC) has organized all banks to implement a simplified account opening policy and improved multilingual account opening services, so that foreign visitors to China can easily open domestic bank accounts with valid documents such as passports, which greatly shortens the process and significantly improves the experience.

In key scenarios, foreign currency exchange services are basically fully covered

In terms of improving the convenience of payment for foreign personnel coming to China, Zhang Yuqing introduced that the State Administration of Foreign Exchange, in cooperation with the People's Bank of China, in accordance with the working idea of "large-value card swiping, small-amount code scanning, and cash pocketing", has improved the satisfaction and sense of access to payment services for foreign nationals in China through measures such as facilitating mobile code scanning and online shopping payment, improving the level of foreign currency exchange services, and optimizing comprehensive services for foreign exchange use.

In terms of mobile payment, the State Administration of Foreign Exchange, together with the People's Bank of China, has guided major payment institutions such as Alipay and Tenpay to optimize business processes, simplify identity verification, and improve the efficiency of card binding. At the same time, the "white list" of high-quality merchants will be expanded to nearly 1,000 to ensure the real and reasonable mobile payment needs in specific scenarios such as accommodation, education, medical care, and public utilities. Since March 2024, the scale of the "foreign card and internal binding" mobile payment business has grown by about 40% month-on-month.

In terms of foreign currency exchange, the State Administration of Foreign Exchange (SAFE) conducted an in-depth analysis of the payment methods and habits of foreign visitors to China, focusing on key scenarios. At present, the country's key international airports, four-star hotels and above, important tourist attractions, tourist resorts and leisure blocks have basically achieved full coverage of foreign currency exchange services.

In response to a question from a reporter from the Securities Times, Zhang Yuqing revealed that as of the end of June 2024, there were 3,563 foreign currency exchange agencies and 383 self-service exchange machines across the country, an increase of 92% and 62% respectively from the end of 2023. "The State Administration of Foreign Exchange will continue to improve foreign currency exchange services, continue to optimize the 'soft environment' for foreign currency exchange, improve the accuracy and effectiveness of services, take into account sustainability and convenience, and better meet the foreign currency exchange needs of foreign personnel coming to China." Zhang Yuqing said.

Increase the punishment for refusing to accept RMB cash

The renminbi is the legal tender of the mainland, and the People's Bank of China Law stipulates that all public and private debts within the territory of the People's Republic of China shall be paid in renminbi, and no unit or individual may refuse to accept them. Zhang Meng said that in order to maintain the status of the renminbi as a legal tender, the People's Bank of China has increased the punishment for refusing to accept renminbi cash.

According to Zhang Meng, the People's Bank of China continued to unblock channels for complaints and reports, strengthened inspections and unannounced visits, and verified the clues of refusal to accept cash one by one. In the first half of 2024, administrative penalties were imposed on 7 cases of illegal refusal to accept RMB with high public concern and large scope of influence, and were publicly exposed in conjunction with the National Development and Reform Commission. Criticize and educate 57 entities that refused to accept cash in cases where the circumstances were minor, violated the law for the first time, and did not cause harmful consequences, and urged rectification. Fifteen typical cases were selected to analyze and warn and explain the case, which attracted widespread public attention and achieved good results.

"After some time ago, the payment facilitation work has been improved, and the cash use environment has been significantly improved, and the role of cash has been basically realized." At the same time, Zhang Meng said that due to the influence of many factors such as public payment habits, business models and cost control, the decline in the willingness of business entities to collect cash has a certain universality and trend, and maintaining a good cash use environment also requires continuous governance and long-term efforts.

We will continue to optimize the supply of payment services

Optimizing payment services is a long-term and systematic project, which requires not only the coordination of various departments, but also the combination of a promising government and an efficient market.

Yan Fang said that on the one hand, the People's Bank of China will continue to optimize the supply of payment services. Taking the improvement of the bank card use environment as an example, the People's Bank of China will focus on key tourism, ports and commercial cities, dynamically adjust the coverage of key merchants, continue to optimize the structure of key merchants, and scientifically and accurately improve the quality and efficiency of foreign card acceptance. At the same time, we will carry out regular inspections and cashier training to consolidate and maintain the environment for accepting wild cards.

On the other hand, the People's Bank of China will explore the construction of a development model with multi-party participation, cost sharing and benefit sharing. Taking the sustainable operation of the payment service demonstration zone as an example, it is not only necessary for commercial banks and payment institutions to participate and share costs, but also hope that cultural tourism, communications, transportation and other units will work together to provide convenient one-stop comprehensive services for foreign visitors to China and effectively meet various needs.

In order to further facilitate the short-term travel and long-term work and life of foreigners in China, the State Administration of Foreign Exchange will continue to provide services for the use of foreign exchange. Zhang Yuqing said that the State Administration of Foreign Exchange will guide payment institutions and banks to continue to optimize payment services such as "foreign card binding", online consumption of foreign cards, improve user experience and service processes, continuously enrich product functions, expand the scope of payment acceptance, and improve the convenience of payment for foreign visitors to China. At the same time, we will support key regions and institutions to actively explore and enrich payment products, provide diversified and adaptable innovative services, and meet the mobile payment and online consumption needs of foreign residents in China.

In terms of continuing to promote the convenience of cash payment, Zhang Meng said that in the future, he will ensure that the policies and measures that have been introduced by various departments on the environment for the use of cash are implemented. Further improve the grid working mechanism, and implement dynamic management of business entities within the grid. We will continue to strengthen inspections and unannounced visits, punish refusal to accept cash in accordance with the law, strengthen the deterrent effect, and earnestly safeguard the legal status of the renminbi.

Editor-in-charge: Zhu Yumeng

Proofreader: Li Lingfeng

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