cashless economy

WeChat Pay has introduced major fee reductions for international users to enhance China’s cashless economy. New policies waive the 3% transaction fee for first-time overseas cardholders on purchases under 1,000 RMB ($138) daily for 60 days, and eliminate fees entirely for transactions below 200 RMB. The initiative supports seven global payment networks, covering 92% of foreign cardholders, and aligns with Beijing’s push to improve payment accessibility for tourists. Analysts link the move to China’s $1.2 trillion tourism recovery and efforts to capture projected $156 billion in foreign visitor spending in 2024. WeChat’s streamlined verification enables cross-border authentication in under 90 seconds, with trials showing a 215% surge in foreign transactions.