Alipay, the leading mobile payment platform operated by Ant Group, has reported a significant increase in both outbound and inbound tourism transactions during China’s recent “golden week” National Day holiday. This surge in activity comes as consumer confidence appears to be rebounding, spurred by extensive stimulus measures implemented by Beijing in anticipation of the holiday.
In the first four days of the holiday, which began last Tuesday, transactions made through Alipay in international markets rose by 60% compared to the previous year. The countries experiencing the highest growth in transaction volumes included Malaysia, South Korea, Thailand, Hong Kong, and Singapore.
Alipay’s strategic partnerships with local businesses to provide discount packages have also contributed to increased spending across various sectors, including services, transportation, entertainment, food and beverage, and retail. Ant Group, the parent company of Alipay, is a fintech subsidiary of Alibaba Group Holding, which owns the South China Morning Post.
In addition to outbound transactions, Alipay reported a remarkable 120% year-on-year increase in spending by foreign travelers in mainland China during the first four days of the holiday. This growth has been supported by Beijing’s recent visa-free policies aimed at enhancing inbound tourism. China’s largest travel platform, Trip.com, noted that daily bookings from countries such as Italy, Malaysia, Russia, and the United States have surged more than threefold compared to the same period last year.
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