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China has rapidly become one of the most cashless countries in the world. That's a big problem for foreigners who don't have a Chinese bank account, because outside the major tourist hubs few merchants accept credit cards.

The big picture: Two private payments systems dominate the Chinese market: Alipay and WeChat. But until now, you had to have a Chinese bank account in order to be able to use either of them.

What's new: Alipay has now managed to find a way of allowing foreigners to use its service. It's a bit convoluted, and involves using your passport and visa to open a new prepaid account at the Bank of Shanghai, but it's one step toward bringing the world's major payment systems a bit closer together.

Go deeper: China outpacing world on digital currencies

Alipay provides foreigners tool to navigate an increasingly cashless China

China has rapidly become one of the most cashless countries in the world.

Business

China

World

China has rapidly become one of the most cashless countries in the world. That&#x27;s a big problem for foreigners who don&#x27;t have a Chinese bank account, because outside the major tourist hubs few merchants accept credit cards.The big picture: Two private payments systems dominate the Chinese market: Alipay and WeChat. But until now, you had to have a Chinese bank account in order to be able to use either of them.

China is becoming the most formidable rival America has faced, and the risk of confrontation with Russia, North Korea or Iran still looms. Authoritarians are rising, the chaotic Afghanistan exit revealed the limits of U.S. power, and the pandemic, climate change and other critical challenges continue to pose grave threats.