China is issuing much tougher rules for QR code payments and overseas cash withdrawals from personal banking cards.
The new rules for ATM withdrawals, which go into effect on January 1, 2018, limit overseas cash withdrawals on domestic bank cards to RMB100,000 (USD15,300) per year. The current daily cap (RMB10,000) will remain unchanged.
If individuals exceed the RMB100,000 annual withdrawal limit, their ability to make withdrawals abroad will be suspended for both the rest of the year, as well as the following year (2019).
You'll still be allowed to have multiple ATM cards, but the new limit will apply to the collective value of withdrawals across all accounts. The new rule is aimed at curbing money laundering, tax evasion and funding terrorism.
Meanwhile, new QR code payment rules are set go into trial use on April 1, 2018.
Among the regulations will be a limit on QR code payments on platforms like WeChat and Alipay to RMB500 per person per day. "Additional daily limits of RMB1,000 or RMB5,000 apply to barcode payers who have not completed certain authentication procedures," reports the Financial Times.
The QR code rules are aimed at preventing security issues and "unfair market competition."
