Some big news regarding changes to Shanghai's payment processing and ATM eco-system, aimed at making things way more convenient for foreign residents (and travelers). The deputy secretary of the Shanghai Municipal Party Committee and the mayor, presiding over a recent government meeting, laid out a plan to turn Shanghai into a benchmark city for payment convenience. This "Shanghai Plan" not only aims to cater to its aging population and the bustling expat community but also to polish its reputation as a hospitable host for tourists and business visitors alike.

There are two big updates on the horizon: smaller bills at ATMs, and the ability to get "change wallets" at banks. Read on for details:

The ATM Game Changer: Now Featuring Smaller Notes!

Remember when finding an ATM that would graciously allow you to withdraw your money felt like a minor victory? Now, imagine one that hands out 10 yuan notes. Yes, you read that right. Gone are the days of being handed a wad of 100 yuan notes for a simple withdrawal. In a nod to European practices where ATMs dispense a variety of denominations, Shanghai is setting a new standard. And for those among us who've yet to master the art of mobile payments (or simply yearn for the tactile pleasure of cash), this is a revelation.

Are ATMs dispensing 10 yuan notes widespread in Shanghai or focused in specific areas?

Efforts are underway to retrofit cash machines in key areas to dispense 10 yuan notes. These areas include both of Shanghai's airports, it's three main train stations, both cruise terminals, 4A scenic spots, and star-rated hotels, as well as these 12 popular commercial areas in Shanghai:

1. Nanjing Dong Road

2. Xujiahui

3. Nanjing Xi Road

4. Lujiazui-Zhangyang Road

5. North Bund

6. Wujiaochang

7. Huaihai Zhong Road

8. Hongqiao-Gubei

9. Yuyuan Garden

10. Daning

11. Wuzhong Road

12. Zhonghuan Zhenbei

Now You Can Get "Change" Directly at Banks: A Focus on Inclusion

In a city as diverse as Shanghai, inclusivity is key. While tech-savvy youth zip through transactions with a flick of their smartphones, the elderly and some expats often find themselves at a digital divide. Recognizing this, banks are not just stopping at ATMs; they're introducing "change wallets," (ling qian bao 零钱包) a concept as comforting to the elderly as a warm cup of tea. These wallets, pre-filled with small denominations, are a gentle nod to those who prefer the feel of cash.

Here are a few FAQ's regarding change wallets:

1) What exactly is a change wallet? Is it an actual wallet filled with cash?

A "change wallet" comes as a plastic or paper envelope, filled with small denomination cash notes or coins, designed primarily for merchants and consumers for convenient change-making. Basically you go to a bank, give them the cash you want exchanged into smaller bills.

2) Where can I get these change wallets?

You can get "change wallets" at commercial bank branches citywide. Additionally, some key account enterprises might enjoy on-site exchange services provided by these banks.

3) How can I get a change wallet?

Either you have a bank card at the bank you are visiting, and they can give you a change wallet based on the amount you need. OR, you can go into any commercial bank and give them cash directly (like 100 RMB), to get a change wallet in exchange.

4) What's in a change wallet? Denominations and total amounts?

The content varies by bank, offering a mix of small denomination bills and coins tailored to the needs of merchants and consumers for daily transactions.

5) Are there a fees to obtain a change wallet?

No fees at all. It's an equal exchange service.