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Briefing: China’s mobile payments expand globally with strong performance
Luxury goods and the World Cup draw Chinese tourists as Russia and Europe top Alipay spending chart – South China Morning Post
What happened: A latest report on Chinese mobile payments’ global performance suggests Chinese tourists’ increasing willingness to pay digitally abroad. Average spending per Alipay user abroad increased 43% from 2,073 yuan to 2,955 yuan (US$433). Russia, due to the World Cup’s contribution to international tourists’ consumption, saw over 5,000% Alipay transaction growth. Retail of luxury goods saw an average Chinese Alipay spending of RMB 11,386 in France.
Why it’s important: The strong Summer performance data for mobile payments may be due to special events such as the World Cup and seasonal holiday, but the trend of Aliypay’s penetration in global markets via the medium of Chinese tourists is clear. Chinese tourists’ outbound travellers spending hit $258 billion in 2017, accounting for one-fifth of the world’s total spending on tourism.