Chinese payment giants release Mid-Autumn and National Day payment data
The Mid-Autumn Festival and National Day are two of the most significant holidays in China, marked by festivities, family gatherings, and celebrations. In 2023, Chinese payment giants such as Alipay, WeChat Pay and Unionpay unveiled interesting data about consumer spending during these holidays, offering valuable insights about payment data.
In this blog, we'll delve into the data released by these payment giants to better understand the trends and changes in consumer behavior in China.
Alipay+: a 200% surge in daily transactions in China
Alipay data shows that in a single day, the number of Alipay users using QR code payments for Hangzhou's public transportation, including buses and subways, has reached an all-time high. Daily spending at tourist attractions has surged by as much as 270% compared to the previous year.
As the sports event progresses, there has been a threefold increase in spending around the core venues of the Asian Games, compared to the pre-event period. Alipay's merchant service platform indicates that the number of merchants receiving payments via Alipay QR codes has increased nearly tenfold compared to regular days.
The Asian Games have attracted a significant number of international tourists, and they have been enthusiastically using Alipay for various transactions. Alipay's platform data shows that since the games began, the daily average number of transactions made by inbound tourists using Alipay has increased by 68.8% compared to August. Furthermore, the daily transaction volume for Alipay, mPay, Hipay, Changi Pay, Naver Pay, and ten other Alipay+ international wallets within China has seen a maximum increase of 200%.
Discover what is Alipay Plus.
In summary, the use of Alipay for transportation and tourism-related payments has hit record highs during the Asian Games, and there has been a substantial increase in transactions by both domestic and international users.
With the surge in Alipay usage, seamlessly accepting Alipay payments has become critical for merchants. This is where Silkpay steps in to facilitate the process.Silkpay provides an intuitive platform that enables merchants to easily integrate Alipay as a payment option, providing a hassle-free experience for businesses and their customers.
With Silkpay, merchants can leverage the thriving Alipay ecosystem to meet the diverse needs of their customers. The platform's user-friendly interface and robust back-end support ensure a smooth transaction process and enhance the overall shopping experience.
WeChat Pay: Cross-border retail daily spending surges over 50% since May 1st
WeChat has shared some operational data for the National Day holiday. When it comes to WeChat cross-border payments, compared to this year's May 1st Labor Day holiday, the daily spending in the cross-border retail industry on WeChat has increased by more than 50%.
During Mid-Autumn and National Day, the top 10 popular overseas destinations are Hong Kong, Macau, Thailand, Singapore, South Korea, Australia, the Philippines, France, Japan and New Zealand. Compared to the May 1st holiday, WeChat payments in Hong Kong for in-store transactions have increased by over 40%.
WeChat stated that in August 2023, compared to August 2019, the total number of merchants using WeChat for cross-border payments has increased by over 748%, and the daily transaction count for in-store payments grew by over 114%.
For businesses looking to tap into this growing trend and accept WeChat Pay, solutions like Silkpay can be invaluable. Silkpay helps merchants seamlessly integrate WeChat Pay into their payment options, making it easier for them to cater to the needs of both local and international customers. This not only enhances the shopping experience but also expands the business's reach in the competitive global market.
Unionpay: Significant growth in the value of UnionPay card transactions
According to UnionPay network transaction data, during the first seven days of this year's National Day holiday (from September 29, 2023, to October 5, 2023), the daily average transaction amounts have shown significant increases in specific industries compared to the same seven-day period during the previous year's National Day holiday (from October 1, 2022, to October 7, 2022).
In the first seven days of this year's holiday, domestic tourists using UnionPay cards for transactions at overseas merchants' POS terminals have seen daily transaction amounts increase by more than 1.3 times compared to the same period last year.
From the perspective of payment methods, tourists are increasingly opting to use mobile payment methods such as UnionPay QR code and UnionPay Mobile QuickPass for overseas transactions. There are already more than 16 million global merchants in 98 countries and regions that support UnionPay mobile payments.
Popular tourist destinations such as Hong Kong, Macau, Southeast Asia, and Europe have witnessed significant growth in UnionPay card transactions, especially in dining, duty-free shops, and department stores showing notable transaction increases.
Given the significant growth in transaction volumes, it is clear that there is a growing demand for UnionPay services both domestically and internationally. For merchants looking to capitalize on the surge in transactions, Silkpay offers a seamless solution. Silkpay specialises in helping merchants accept UnionPay payments, providing a convenient and efficient way to cater to the preferences of UnionPay cardholders.
This ensures that businesses can capitalize on the booming market while providing a convenient payment experience for their customers. Don't miss this opportunity to enhance your payment options and improve your customers' shopping experience with Silkpay.
In conclusion
The release of Mid-Autumn and National Day payment data by Chinese payment giants offers a valuable window into consumer behavior during these festivities. As China's financial landscape continues to evolve, businesses must stay attuned to these trends to remain competitive and meet the evolving needs of their customers. Leveraging the insights derived from this data, businesses can make informed decisions and refine their strategies to create memorable experiences for consumers during these special occasions.
Resources:
https://www.mpaypass.com.cn/news/202310/07175326.html
https://www.mpaypass.com.cn/news/202310/07145335.html
https://www.mpaypass.com.cn/news/202310/08153355.html
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About the author: Silkpay
Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerce in Europe accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as Asia-Pacific’s major e-wallets.
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