As a popular first stop for overseas visitors to China, Shanghai is enhancing the consumer experience for tourists using foreign bank cards with its evolving digital payment systems.
Official data from the municipal government showed that, since late 2023, Shanghai has opened more than 37,000 foreign card point-of-sale (POS) terminals throughout the city.
International visitors who are short on time to withdraw cash or unfamiliar with China's digital payment systems have welcomed the expansion.
"We normally do the payment by cash only, but in case if you needed to do with credit card, we can do that," said an international visitor.
"Normal credit card, no problem. I think it is improving, yes." said another visitor.
A bank officer said that the acceptance of foreign cards will be further extended to small-denomination payment scenes in the metropolis.
"We have installed POS machines accepting foreign bank cards in 12 commerce sites and those major tourist attractions and hotels in the city. And we will continue to promote the coverage of those machines. Also, we will ensure major merchants in the city have enough small bills and increase the number of small bill withdrawal or exchange outlets in the city. There will be more small denominations available in the market," said Mao Jiansong, senior deputy manager of Operation and Channel Management Department under Bank of Communications' Shanghai Branch.
Some Shanghai taxis now accept foreign bank cards for fare payment, making the city a pioneer on the Chinese mainland for this convenient option. All these taxis will also provide a travel guide printed in English and Japanese, helping those who do not understand Chinese to communicate with drivers.
For visitors seeking a convenient all-in-one payment solution, the city has introduced the 'Shanghai Pass'. With a maximum balance of 1,000 yuan, this one-stop tourism pass can be used for public transportation and across tourism venues and shopping malls.
It requires no registration and any remaining balance can be refunded upon departure at designated locations throughout the city."
According to Sun Yao, general manager of Shanghai City Tour Card Development Co., the Shanghai Pass is designed to make small payments easier.
"It is designed to make small payments easier. After topping the card, you can pay for things without getting charged from stores. And there are QR codes on the front and back of the card. Cardholders can scan the codes to learn more about how to use it, as well as getting other useful information from the Municipal Administration of Culture and Tourism," said Sun.
According to the Municipal Administration of Culture and Tourism, Shanghai received 1.27 million tourists in the first quarter of this year, up 250 percent year-on-year, and is expected to receive about 5 million inbound tourists for the whole year.
Shanghai expands foreign card acceptance to enhance tourist experience
Amid growing concerns over the Trump administration's tariff policies, experts have warned that these measures could spark countermeasures from other countries and have serious consequences for the country's economy, including rising consumer prices, stock market volatility, and even a recession.
Despite widespread opposition, U.S. President Donald Trump on Wednesday signed an executive order on the so-called "reciprocal tariffs," imposing a 10-percent "minimum baseline tariff" and higher rates on certain trading partners.
While Trump has long argued that tariffs would protect and create jobs in the country, economists widely believe that these policies could instead drive up unemployment and hurt consumers by pushing prices higher.
"In terms of the idea that this is just going to raise a lot of money, it's not clear how that happens without it being at the the cost of the U.S. consumer and some producers as well. Prices are going to go up for everybody. There will be job losses, probably," said Katherine Schmeiser Lande, professor of economics at Mount Holyoke College, in an interview with China Central Television (CCTV) recently.
Experts also noted that as the U.S. enforces its tariff measures, other nations are likely to respond with countermeasures, and this could hit U.S. exports, particularly farm products like soybeans, which heavily rely on foreign markets.
Ultimately, they warned, such policies could harm U.S. farmers and businesses.
"It might lower the price for U.S. consumers, but we can't necessarily absorb all that excess. So this could be really problematic for farmers, and it could lead to a situation where they actually need government subsidies, which is a whole other issue," said Lande.
The stock market has already reacted sharply to tariff-related uncertainty.
In March, the indexes of Nasdaq and Standard and Poor 500 fell 8.21 percent and 5.75 percent, respectively, their worst monthly declines since December 2022.
Economists warn of further volatility as trade tensions continue to weigh on investor confidence.
Meanwhile, Goldman Sachs recently released a report stating that as U.S. tariff policies disrupt global trade and financial markets, the likelihood of a recession in the U.S. within the next 12 months has risen to 35 percent.
Since protectionism is at the heart of Trump's foreign policy, Malgorzata Bonikowska, president of the Center for International Relations in Poland, stressed that Europe will not bow to U.S. pressure, believing that the continent will respond firmly to its aggressive tariff measures.
"European Union does not want any trade war. We support World Trade Organization. We support multilateralism. So we don't like this approach of Trump administration and we regret. But if Trump pushes us, then we will look around. We have to do trade with other partners as well. So, it's not only the U.S. which is our trade and investment partner. We regret, but we definitely will not be weak in this regard," she said in another recent CCTV interview.
US “reciprocal tariffs” to harm itself, incur countermeasures: experts
