Bank of China BoC Pay+ Launches Cross-Border Consumption Benefits

Hong Kong Monetary Authority announces that its mobile app BoC Pay+ has partnered with UnionPay International, becoming the first bank app to support UnionPay network payment functions in Mainland China. It seamlessly connects with Mainland online apps, including over 150 popular local merchants such as “Luckin Coffee,” “Didi Chuxing,” “Qunar Travel,” and “Maoyan Movie & Performances,” enabling payments.

According to data from the “Xiaohongshu Lingxi Platform,” the number of active Hong Kong users has exceeded 2.7 million. The most searched consumer keywords by Hong Kong users include six main categories: “Travel Guides,” “Food & Dining,” “Leisure & Entertainment,” “Performances,” “Beauty & Personal Care,” and “Shopping.” Popular shopping hotspots in Shenzhen include “Futian Galaxy COCO Park,” “Royal Plaza,” and “Yifang City.”

Additionally, users frequently inquire about topics such as “Mainland payment methods” and “Money-saving tips,” reflecting that simplified payment processes and consumer discounts are key concerns for cross-border shoppers. Hong Kong users’ interests have shifted from simple travel guides to in-depth lifestyle sharing, such as “Fashion,” “Pets,” and “Daily Vlogs.” Notably, cross-border consumption is becoming more service-oriented and festive, as seen from recent New Year trending searches like “Shenzhen Manicure” and “Where to go during Chinese New Year in Shenzhen,” indicating that Hong Kong residents’ holiday preparations and activities are fully integrated into the Greater Bay Area lifestyle.

Data from Xiaohongshu also shows that consumer discounts are an important factor for Hong Kong residents when shopping in Mainland China, with main focus areas including “Mall exclusive discounts,” “Transportation discounts,” and “Cashback/Points.” From now until April 30, BoC Pay+ users can enjoy double benefits: spend over 5 RMB at Mainland retail stores to get an instant 5 RMB discount; and enjoy a 5% discount with a maximum deduction of 10 RMB when shopping at Mainland online merchant apps.

Furthermore, BoC Pay+ has integrated UnionPay International’s “UnionPay Real-Time Exchange Rate System,” ensuring all transactions are settled at the “UnionPay Super Favorable Exchange Rate,” eliminating foreign currency transaction fees. Users can check exchange rates in real-time within BoC Pay+, enhancing transaction transparency.