IBS Intelligence - Chinese Tourists are Driving Mobile Payments Across the Globe image

The number of Chinese tourists abroad hit 122 million in 2016, with a vast majority of them paying via their mobile phones. That’s according to a new study from Kapronasia and CANCAN. The survey pool contained 1,000 Chinese consumers abroad and 60 global merchants.

As one of the largest and fastest growing economies, China represents a great potential for those able to crack the country. But abroad, adapting to Chinese payment foibles can be rewarding too. Alipay and WeChat Pay are the go-to payment methods for China’s holidaymakers. While 67% of respondents reported that they use Alipay or WeChat Pay for overseas purchases. This represents about 41% of overseas consumption and tourists used mobile payments for more than 10% of total transactions.

The report also highlights how Chinese tourists are spending more and more in retail ($900 on average in 2016), instead of luxury items. Only 5.7% spent more than $6,288, with a total amount of $109.8 billion throughout 2016.

To read the full article, please visit https://ibsintelligence.com/ibs-journal/chinese-tourists-are-driving-mobile-payments-across-the-globe/