Foreign card business reaps benefit of innovations

Special initiatives to optimize payments and promote foreign card merchant business are propelling Bank of China's determined drive to continuously enhance its services.

As of October, under the guidance of various regulatory authorities, BOC saw the number of its foreign card merchants increase by 144.4 percent since the beginning of the year, achieving a record growth rate. The coverage rate of foreign cards among key merchants has reached 100 percent, hitting the bank's annual target well ahead of schedule while its market share of foreign card transactions continues to hold the leading position in the industry.

Focusing on key areas to build a convenient payment network, BOC has made efforts to expand merchant coverage in essential industries such as food, lodging, transport, tourism, shopping, entertainment, medical services, and education for foreigners entering the country. In addition, it is promoting coverage of foreign card payment services in critical foreign-related scenarios such as airports, subways and ports.

Leveraging its experience in providing services for international competitions and exhibitions, BOC is committed to supporting foreign card payment services for major international events, thereby demonstrating high-level open-service capabilities. The bank achieved multiple milestones this year, including upgrading payment convenience for Shanghai taxis, launching a project that enables foreigners to pay parcel taxes with foreign cards, and constructing a foreign card acceptance environment for major international events. In addition, it now supports various acceptance methods such as domestic and foreign bank cards, scanning codes, digital currencies and other aggregated payment methods.

In optimizing its foreign card merchant expansion process, BOC has developed standardized overseas card acceptance guidelines to provide operational support for different types of foreign card merchants. Its professional team works closely with merchants to ensure payment symbols are clear, processes are standardized, and merchant services for a safer and more convenient payment experience are ensured through systematic training and inspections.

Additionally, bank feedback mechanisms have been established to quickly respond to merchant needs, helping to efficiently resolve payment acceptance issues. Furthermore, BOC has joined hands with international card organizations to promote foreign card acceptance services through various media and its own platforms. It has launched a themed promotional video to showcase its foreign card acceptance services and continues to reach out to foreign visitors through publicity materials such as payment manuals and service guides.

During this year's Mid-Autumn Festival, BOC's Paris branch held a promotional event on payment services for foreign nationals traveling to China. The event presented solutions for three different consumer scenarios — "foreign cards for domestic use", "real-time currency exchange for multiple foreign currencies" and "diverse payment options" — by using vivid and accessible language in French to offer comprehensive explanations to French business travelers to China.

"Being able to access payment guidelines for expenses in China prior to departure truly eliminates any concerns about how to make payments there. This makes spending more convenient and seamless for travelers," said a French visitor who successfully exchanged cash and withdrew money thanks to the promotional guidelines established by the BOC Paris branch.

Committed to providing high-quality financial services globally, BOC has launched local payment convenience campaigns in more than 20 countries and regions, using its global network advantages to upgrade cross-border payment experiences. The bank has created "pre-entry stations" to relay payment convenience information using various forms of promotion, including online articles, themed seminars and joint promotional activities with consulates.

In addition, BOC and its partners have pioneered a novel solution to meet the mobile payment needs of foreign nationals visiting China. The "foreign card binding "service, which offers a convenient mobile payment experience, also supports construction of the Guangdong-Hong Kong-Macao Greater Bay Area. To this end, the bank has introduced a dual-currency acquiring innovation — known as "one terminal and one QR code" — to aggregate acceptance of several Macao payment wallets. This service has greatly facilitated the lives and work of Macao residents in the Guangdong-Macao In-depth Cooperation Zone in Hengqin, preserving their original usage habits while optimizing the cross-border payment environment.

In July, the BOC Macao branch upgraded the cross-border payment service on its mobile banking, supporting the scanning of mainland UnionPay QR codes for offline payments. In September, under the guidance of organizations such as the People's Bank of China Guangdong Provincial Branch, the Zhuhai branch, the Guangdong branch of the State Administration of Foreign Exchange, and the Monetary Authority of Macao as well as the executive committee and the financial development bureau of the Guangdong-Macao In-depth Cooperation Zone in Hengqin, BOC became the first to provide the renminbi and Macao pataca dual-currency acquiring services for merchants in the Macau New Neighbourhood residential area in Hengqin. Products or services are denominated in RMB, and the system automatically converts into Macao pataca for payment. Macao residents can use eight electronic wallets, including Simple Pay, to make mobile payments in the Chinese mainland.

Capitalizing on the trend of Hong Kong residents traveling to the mainland for shopping, the BOC Hong Kong branch has launched initiatives such as "explore the GBA "and introduced the BoC Pay merchant and cross-border transportation discounts.

Additionally, the Hong Kong branch has partnered with local governments in the Chinese mainland to offer exclusive digital RMB red envelopes. Through various channels, including online social media posts, essential cross-border travel outdoor advertisements and interactive offline themed events, high-frequency promotions encourage Hong Kong residents to enjoy exclusive consumption discounts when traveling to the mainland.

BOC officials said the bank will continue to resolutely uphold the political and people-oriented nature of financial work, implement regulatory requirements, explore innovative business opportunities, leverage its strengths in cross-border operations and promote merchant development, thereby making greater contributions to optimizing payment service levels.

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