G20 Roadmap for Enhancing Cross Border Payments: Scorecard Report on Direct Access and Price Transparency - China (Wise)

Summary

• A total of 8 G20 members achieved the highest 5/5 rating for direct access of non-bank payment service providers (NBPSPs) in 2025.p.10
• Chinese retail banks generally offer competitive foreign exchange margins under 30 basis points.p.16
• US consumers are projected to lose an estimated $19 billion in obscured FX markups in 2025.p.11
• Australian consumers are projected to lose nearly $4 billion in hidden payment fees in 2025.p.11

Key insights

1. NetsUnion Clearing Corporation Network (NUCC) operates as the designated centralized platform for processing third-party online payment settlements under People's Bank of China supervision.p.15
2. Third-party payment institutions in China are required to maintain direct safeguarding accounts with the People's Bank of China for clearing and settlement.p.15
3. The People's Bank of China announced plans in June 2025 to establish an international operation centre for the digital yuan (e-CNY).p.15
4. The Payment and Clearing Association of China took action to lower conversion fees for Visa and Mastercard to 1.5% since 2023.p.16
5. Research by Consumers International shows that 57% of consumer bodies cite a lack of fee transparency as a key reason for distrust in digital finance.p.9
6. The United Kingdom achieved a 5/5 price transparency rating after the FCA issued guidance requiring FX markups to be explained as a customer cost.p.11