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Agricultural Development Bank of China
Industry

New payment tool for short-term foreign travelers to be launched in E. China's Suzhou

May 14, 2021


Abstract : The Suzhou Area of China (Jiangsu) Pilot Free Trade Zone (FTZ) joined hands with Bank of Suzhou to launch a new payment tool named Su-Pay with an aim to help short-term visitors from Japan and the Republic of Korea (ROK) enjoy the convenience of mobile payment.

BEIJING, May 14 (Xinhua) -- The Suzhou Area of China (Jiangsu) Pilot Free Trade Zone (FTZ) joined hands with Bank of Suzhou to launch a new payment tool named Su-Pay with an aim to help short-term visitors from Japan and the Republic of Korea (ROK) enjoy the convenience of mobile payment.

Up to present, over 5,000 foreign-funded enterprises have settled in the Suzhou Area of Jiangsu FTZ. Most of them are Japanese-funded and ROK-funded enterprises, attracting Japanese and the ROK tourists to visit China.

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Su-Pay is a financial tool invented specifically for the purpose of making mobile payment accessible to short-term Japanese and the ROK travelers in Suzhou. It offers them convenient domestic mobile payment channels to meet their need for fast and small payments.

It is learned that Su-Pay made great achievements in four major mobile payment model innovations through the combination of financial technology capabilities.

First of all, Su-Pay provides automatic and online domestic electronic account services for short-term Japanese and the ROK travelers in Suzhou with the help of the "living body recognition + OCR + anti-fraud + big data" ability of banks; second, users can top up their domestic accounts online by themselves through online foreign card acquiring service; third, users can link their Union Pay, WeChat and Alipay accounts to their bank cards online to proceed with mobile payment; fourth, it also features real-time monitoring and automatic control through its app's ability to analyze customers' behaviors.

In the future, Su-Pay will help the Suzhou Area of Jiangsu FTZ to build itself into an important hub of promoting the country's dual-circulation development. (Edited by Yang Yifan with Xinhua Silk Road, yangyifan@xinhua.org)

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Keyword: FTZ Suzhou

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