China's Golden Week Holiday Leads to Record Business for Alipay and WeChat Pay
2018-11-09 11:48 Friday
During China's recent Golden Week holiday, Chinese citizens took a total of 726 million trips, an increase of 9.43% compared to the previous year. The seven-day national holiday has been proved to be a boon for payment giants Alipay and WeChat Pay. Projections indicate that the number of Chinese users using Alipay and WeChat Pay for overseas payments has reached record levels.
Alipay recently revealed the top overseas destinations for Alipay users during the week-long holiday, included France, Thailand, Canada, Malaysia, Italy, and the United States. Alipay also claims that Alipay at the UK's Bicester Village shopping center saw a 90-fold increase from 2017, followed by a 70-fold jump in Osaka's Dotonbori zone and a 55-fold increase in the Sydney Airport.
What's undeniable is that Chinese customers have shown an overwhelming preference for mobile payments. Statistics from Nielsen detail that 90% of Chinese consumers regard smartphones as their first option when completing payments. Most consumers will turn to either Alipay or WeChat Pay, which account for nearly 90% of China’s mobile payment market.
Due to the saturated domestic market, Alipay and Tencent Pay, China's two mobile payment giants backed by Alibaba and Tencent respectively, have implemented plans to extend their services to overseas markets.
Alipay has announced that it is partnering with London's Chinatown to bring smart services to the popular tourist destination. The collaboration will enable Chinese tourists to use Alipay for payment at more merchants across London Chinatown.
In France, a large number of merchants have established partnerships with WeChat Pay, launching a diverse range of promotions that incorporate the WeChat Shake lucky draw and coupon scanning functions. Chinese tourists can now use WeChat Pay when shopping at prominent shopping centers such as Printemps and Lafayette, paying for tickets of tourist resorts including Abbaye Du Mont-Saint-Michel, Chateau d'Azay-le-Rideau, Carcassonne Castle, La Sainte-Chapelle and many others, and buying airfare on Air France's official website, as well as on other platforms. These developments have contributed to a surge in overseas transactions and spending from Chinese tourists.