PBOC to Ease Mobile Payments for Macanese Visiting Chinese Mainland
Dou Shicong
DATE:  Dec 20 2019
/ SOURCE:  yicai
PBOC to Ease Mobile Payments for Macanese Visiting Chinese Mainland PBOC to Ease Mobile Payments for Macanese Visiting Chinese Mainland

(Yicai Global) Dec. 20 -- The People's Bank of China is easing cross-border payments for Macao residents on the Chinese mainland after reclaiming sovereignty over the special administrative region 20 years ago.

The Chinese central bank will allow users of Bank of China's mobile app and local card issuer Macao Pass's e-wallet Mpay to make QR code payments at mainland merchants, PBOC said yesterday. Macao residents will also be able to open personal mainland bank accounts via proxy at certain banks back home.

Today marks the 20th anniversary of China recovering sovereignty of the SAR.

The latest move follows PBOC raising the daily personal limit on remittance from Macao to the mainland on Dec. 18, when it lifted the cap to CNY80,000 (USD11,415) from CNY50,000 to help Macanese doing business and investing on the mainland.

PBOC and Macao also penned a three-year bilateral currency swap agreement worth CNY30 billion (USD4.3 billion) on Dec. 5, allowing Macao to bring in more yuan when local liquidity is depleted.

Editor: James Boynton

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Keywords:   Macao,PBOC