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you’ll be monitored when paying over rmb100k!? pboc says…

are you paying or receiving cash for transactions? now it’s time to pay attention! china plans to launch large-sum cash management trials. the large-sum cash usage situation for individual accounts will be monitored and investigated. 
on november 5, the people’s bank of china (pboc) issued the draft version of the notice of the people’s bank of china concerning the undertaking of large-sum cash management in the trial areas of hebei province, zhejiang province and shenzhen municipality released for public opinion. 
 
you'll be monitored when paying over rmb100k!? pboc says...
background
cash demand has grown in recent years in china despite the rapid development of cashless payments including alipay and wechat pay. 
 
besides, cash can be extensively used in many situations, leading to concerns about the use of large cash amounts for illegal activities including corruption, tax evasion and money laundering. 
more and more large-cash transactions made by certain people in specific periods and fields such as down payments on a house, payments for purchase, cash bonus and dividends. 
“chi­na’s large-sum cash man­age­ment suf­fers from weak links in­clud­ing lim­ited reg­u­la­tory cov­er­age and in­suf­fi­cient le­gal ef­fec­tive­ness, and ur­gently re­quires strength­en­ing, ” said pboc. 

you'll be monitored when paying over rmb100k!? pboc says...

a steelworks in jiangxi province gave its workers cash bonus. 

purposes
  • to meet the needs of the current situation, strengthen efficacious management of large-sum cash flow and containment of illegal cash usage; 

     

  • to establish and optimize the social governance system. 
pilot areas
as we mentioned above, the trial will operate in: 
  • hebei province
  • zhejiang province
  • shenzhen municipality
 

you'll be monitored when paying over rmb100k!? pboc says...

ac­cord­ing to pboc hebei province was se­lected be­cause its “bank­ing sec­tor fi­nan­cial in­sti­tu­tions have com­par­a­tively strong foun­da­tions for man­age­ment of large-sum cash op­er­a­tions,” while zhe­jiang province and shen­zhen mu­nic­i­pal­ity are both “key re­gions for cash re­lease in china.”

the tri­als are sched­uled to run for a pe­riod of two years, kick­ing off first in hebei province be­fore launch­ing in zhe­jiang province and shen­zhen mu­nic­i­pal­ity at an “ap­pro­pri­ate time.” 
 
related measures will be adjusted and optimized during the trial, and finally implemented nationwide. 
 
 
details

threshold amounts

for corporate accounts, related measures will apply if the amount of funds exceeds 500,000 yuan ($71,625); 
for individual accounts, the threshold amount goes to 100,000 yuan ($14,325) in hebei province, 300,000 yuan ($42,975) in zhejiang province, and 200,000 yuan ($28,650) in shenzhen. 

you'll be monitored when paying over rmb100k!? pboc says...

registration will be required if the cash amount exceeds 100,000 yuan. 

situations under control

  • cash deposits and withdrawals
  • spinning off
  • posting
any usage above exceeding a specific amount each time or accumulatively will be monitored. (the cumulative period is not mentioned.) 

industries under control

hebei province
  • real estate
zhejiang province
  • wholesale and retail
  • real estate sales
  • construction
  • car sales
shenzhen city
  • individual cash operations 
  • business accounts and individual accounts related to the same entity
  • cross-border renminbi cash flows

main measures

  • es­tab­lish­ment of a large-sum cash an­a­lyt­i­cal re­port sys­tem
  • es­tab­lish­ment of a large-sum cash mon­i­tor­ing and in­ves­ti­ga­tion sys­tem
  • for­mu­la­tion of in­dus­try and en­ter­prise large-sum cash trans­ac­tion records and re­ports
  • in­di­vid­ual cash rev­enue re­ports
  • large-sum cash cross-bor­der mon­i­tor­ing
apparently the measures for the management and supervision are not for people’s daily economic activities. 
they will not affect the demand for normal and reasonable cash operations of individuals and companies (especially individual businesses), perfectly coordinating with policies of market procurement trade. 
 
you'll be monitored when paying over rmb100k!? pboc says...
 
 
regulators
local governments, development and reform departments, fiscal departments, tax departments, finance supervision departments, and other authorities will build a joint supervision system. 

you'll be monitored when paying over rmb100k!? pboc says...

chinese central bank is watching you. 

brief
in general, large-sum cash transactions are still allowed, as long as you operate in accordance with the laws and regulations. 
but when the measures are implemented, your large-sum operations will be under supervision more or less. so it’s time to pay attention if you use individual accounts in business. 

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you'll be monitored when paying over rmb100k!? pboc says...

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china’s digital currency accessible to those without bank cards!

the head of the digital currency department of the chinese central bank says people in china without bank accounts will be able to directly obtain its proposed statutory digital currency. 
when can expats in china enjoy cashless payment services without chinese bank accounts? 
as alipay and wechat introduced their cashless payment services for international tourists, many foreigners living in china want to know the answer. 
 

tap to read the related article

here comes good news! it is said that people will be allowed to use the digital currency without first having to open a bank account with a chinese bank. 
mu changchun, director general of the people’s bank of china’s (pboc) institute of digital currency, said that while its pro­posed dig­i­tal cur­rency / elec­tronic pay­ments (dc/ep) sys­tem will in­volve com­mer­cial banks con­vert­ing cash into vir­tual money, it will still be pos­si­ble for peo­ple to ob­tain dig­i­tal cur­rency with­out a bank ac­count
china's digital currency accessible to those without bank cards!
“the dcep is loosely cou­pled with a tra­di­tional bank ac­count,” said mu at the 2019 hong kong fin­tech week con­fer­ence. 
“actually it could be decoupled from the traditional bank accounts. thus, those who don’t have bank accounts in china can still open a digital wallet and enjoy mobile payment services in china.” 
china's digital currency accessible to those without bank cards!
mu’s re­marks ar­rive just as ali­pay and wechat pay in­tro­duce mea­sures for for­eign vis­i­tors to use the apps with­out chi­nese bank ac­counts, fol­low­ing a dis­crete loos­en­ing of re­stric­tions by pboc. 
while pboc re­cently in­di­cated that the launch of its statu­tory dig­i­tal cur­rency was all but im­mi­nent, mu did not re­veal any fur­ther de­tails as to the likely date of re­lease. 

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china's digital currency accessible to those without bank cards!

source | china banking news / scmp

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didi hitch service’s back, with strict limits

didi chuxing, china’s biggest ride-hailing provider, plans to relaunch its hitch carpooling tool on a trial basis after serving a one-year suspension following the murders of two female passengers last year. 

didi hitch service's back, with strict limits

relaunch of hitch

 

on wednesday, didi chuxing announced that it will relaunch its hitch carpooling service with added safety features. 

 

the test will first roll out to users in seven chinese cities at the end of this month. 

 

didi hitch service's back, with strict limits

 

from nov 20, the trial will run in harbin, taiyuan, shijiazhuang, changzhou, shenyang, beijing and nantong

 

the trial will start with trips under 50 kilometers in metro areas between 5:00 am and 11:00 pm. information service fees will be waived during the trial operation. 

 

however, it has an earlier cutoff time for female users – letting them ride between 5:00 am and 8:00 pm. 

according to didi’s announcement, the relaunch follows a comprehensive safety review and product revamp that began in 2018. 
 
the redesigned service now features improved safety features, as well as more rigorous driver/passenger verification and rating mechanisms
 
besides, didi is piloting a women’s safety program with hitch and other services as it says. key features include: 
 
  • enhanced risk analysis, alert and intervention models that identify high-risk scenarios and trip anomalies, and enable effective intervention; 
  • a new in-app safety assistant that shows more detailed information on drivers and passengers, and offers real-time support from safety specialists. 
 
 
controversy
 
although didi says it’s for safety, the new rule that limits when female passengers can use the carpooling service has sparked controversy among users and netizens. 
 
during the trial operation, female users will only be allowed to use the hitch service between 5:00 am and 8:00 pm, while male users will be able to use it until 11:00 pm.
 
many netizens feel angry about it, considering the rule to be discriminatory and to infringe users’ rights
 

didi hitch service's back, with strict limits

girls, you’d better go home before 8 pm

 
didi hitch service's back, with strict limits
what if passengers get violated while using express service? will they be limited to use the service? 
 

didi hitch service's back, with strict limits

that’s discrimination against men. male users could be scared too. 

 
“it’s disgusting. i get the point. the root cause of sex crimes is that women go out at night,” said weibo user.
 
“if the driver grabs money, do you want to tell the passengers not to take valuables with them?” wrote another. 
 
“this is called discrimination,” raged a third.
 
didi hitch service's back, with strict limits
it’s not about male or female
 
responding to the criticisms on weibo and other social media platforms, didi says the trial is only a part of the relaunch and the official launch plan will be continually improved based on the feedback. 
 
didi hitch service's back, with strict limits
435-day suspension
 
the hitch service first started in 2015 and had logged over a billion total rides and frequently clocked in up to two million daily orders, according to the company. 
 
didi hitch service's back, with strict limits
 
however, didi suspended the carpooling service last year after two female riders were murdered by its drivers in three months. 
 
in may 2018, a young flight stewardess was found dead after hailing a didi hitch ride in the central city of zhengzhou. 
related article:
 
in august that year, a driver was accused of raping and killing a female passenger in the eastern city of wenzhou.
related article: 
 
didi’s chairman cheng wei and its president jean liu issued a public letter of apology on aug 28, 2018, saying didi would prioritize safety over growth after a second passenger in three months was allegedly murdered by a driver while using its services. 
 

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didi hitch service's back, with strict limits

source | didi / cna / 红星新闻

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foreigners can use alipay without chinese bank card now!

finally, alipay is now open to international tourists in mainland china and allows them to pay even they have no chinese bank account or local phone number! 
foreigners can use alipay without chinese bank card now!
“not a glitch. it’s absolutely real.” 
 
yesterday, alipay tweeted and announced that international visitors to china are now able to pay with alipay and enjoy wallet-free travel. 
foreigners can use alipay without chinese bank card now!
many people said that alipay is the best mobile payment platform in china, but it was a bit difficult to use the app because a local phone number and chinese bank account were required before. 
 
starting tuesday, foreigners need just an overseas phone number, a visa and their bank card to sign up for alipay’s “tour pass” mini-program. 
 
foreigners can use alipay without chinese bank card now!
tap to enlarge to full size
visitors can use the service to not just make offline payments but also hail cars, purchase train tickets and book hotels, among other features available within the alipay app. 
 
 
how to use it? 
 
to access the service, users must download the alipay app (for both ios and android phones), and register for an account using an international mobile phone number. 
 
then find the mini-program just by searching for tour pass within the app, which allows foreigners to use a prepaid card service from the bank of shanghai. 
 
foreigners can use alipay without chinese bank card now!
when you load money to your tour pass account for the first time, you are required to verify your personal information. 
 
foreigners can use alipay without chinese bank card now!
foreigners can use alipay without chinese bank card now!
tap to enlarge the full size
 
once everything is set up, users can top up money to tour pass using bank cards from visa and mastercard, among some other supported options.
how much can i load? 
currently, the maximum load amount is 2,000 yuan ($285) and the minimum amount is 100 yuan ($14). the balance in the prepaid card is capped at 2,000 yuan
 
the limit is low for large transactions such as hotel reservations, but users can top up multiple times
 
foreigners can use alipay without chinese bank card now!
alipay’s answer to a similar question on quora
 
 
how about validity? 
 
access to tour pass lasts three months (90 days), and then any leftover funds are refunded automatically.
 
foreigners can use alipay without chinese bank card now!
is transfer allowed? 
according to abacus news, tour pass users cannot transfer their tour pass money to other alipay users. 
 
foreigners can use alipay without chinese bank card now!
others
the international version of the alipay app is not being made available for hong kong and macau mobile phone users, ant financial said. 
there is a mobile payment solution called alipay hk for hong kong users, which is different from the mainland version. 
 
foreigners can use alipay without chinese bank card now!

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foreigners can use alipay without chinese bank card now!

source | alizila / scmp

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