Travelers will be able to use Renminbi-denominated cards issued by mainland banks to get cash and make purchases in South Korea, Thailand and Singapore beginning on January 10, 2005, the announced Wednesday.
ATMs and point-of-sale (POS) machines that display the China Unionpay logo will accept the cards.
It is another major step by Chinese banks to expand the use of Renminbi cards overseas. In January this year, the Hong Kong Special Administrative Region started to accept such cards at local POS machines and Macao followed suit in September, but the latest decision marks the first time that the cards can be used in foreign countries.
Each card can be used for the withdrawal of cash equivalent to no more than 5,000 yuan (US$600) per day overseas, limiting their use to such areas as shopping, accommodations, transportation and small-volume cash withdrawals. No over-the-counter transactions will be allowed.
China Unionpay is the only national payment network for Chinese banks.
Seventy-five domestic banks began allowing their Renminbi cards to be used in Hong Kong and Macao this year, and the list is expected to grow. Cards issued by these banks can be used in South Korea, Thailand and Singapore from January 10.
China Unionpay reports that by the end of November its cardholders had withdrawn 730 million yuan (US$88 million) in cash through ATMs in Hong Kong and Macao. More than 11,000 shops and stores in Hong Kong accept the cards.
(China Daily December 30, 2004)
