Wednesday, 16 October 2024
China's 2024 Golden Week sees 60% rise in outbound, 120% inbound spending via Alipay
Alipay recorded significant increases in China's outbound and inbound spending during the 2024 Golden Week.
The number of transactions made by Alipay users in overseas markets during the first four days of the holiday increased by over 60% compared to the same period in 2023. Malaysia, Korea, Thailand, Hong Kong SAR, and Singapore emerged as top destinations for Chinese tourists, showing the fastest growth in transaction numbers.
Shopping is no longer the main focus for Chinese travellers, instead, they are spending more on local experiences. Spending made via Alipay on services, transportation, entertainment, food and beverage, and retail saw the fastest growth compared to other sectors.
For instance, in terms of local transportation spending, more travellers are opting for buses, subways, and shared bikes, making small but frequent payments. Thailand, Malaysia, Hong Kong SAR, and Macao SAR saw the fastest growth in transportation transactions on Alipay.
Every Golden Week, Alipay, an Alipay+ partner wallet, collaborates with global merchants and overseas tourism boards to provide enticing discounts. During this holiday, Chinese tourists heading to Japan and Korea claimed the most coupons.
Additionally, the all-in-one discount packages for dining, entertainment, shopping, and transport, launched by overseas tourism boards in partnership with Alipay, have become highly popular among Chinese tourists. For instance, the Passion Made Possible e-Card by the Singapore Tourism Board saw a ninefold increase in purchases, while the Amazing Thailand e-Card, endorsed by the Tourism Authority of Thailand, doubled in sales compared with the pre-holiday period.
The number of people using Alipay’s real-time tax refund services during this holiday increased by 130% year-on-year.
International travellers spent 120% more year-on-year using their international card-enabled Alipay accounts at merchants across the Chinese mainland during the first four days of the National Day holiday. Travellers from more than 10 countries benefiting from China's visa-free policy updates since 2023 spent three times more year-on-year via Alipay. The number of Chinese merchants accepting payments from foreign customers via Alipay doubled year-on-year.
Alipay’s new services, such as Alipay Tap! and its AI life assistant, Zhixiaobao, are gaining traction as well. During the holiday, consumers spent 130% more via Alipay Tap! compared to the same period in September. Users made more than 20 million interactions with Zhixiaobao to aid their travel. The daily active user number of the AI life assistant increased by 40% compared to the pre-holiday period.
In addition to using Alipay, overseas consumers can also pay with their home e-wallets across China, enabled by Alipay+. Since September 2023, the Alipay+ solutions have supported 13 leading e-wallets and payment apps in Asia to serve their roaming users across Alipay’s 80-million-strong merchant network in China, including AlipayHK (Hong Kong SAR, China), Kaspi.kz (Kazakhstan), MPay (Macao SAR, China), Touch 'n Go eWallet (Malaysia), Hipay (Mongolia), NayaPay (Pakistan), Changi Pay (Singapore), OCBC Digital (Singapore), Kakao Pay (South Korea), Naver Pay (South Korea), Toss Pay (South Korea), TrueMoney (Thailand), GCash (The Philippines).
Re-disseminated by The Asian Banker
