The growing importance of Chinese payment acceptanceJanuary 14, 2019
With nearly 2 million Chinese tourists planning to visit Canada in 2019, it’s now critical for retailers in Canada to ensure a frictionless experience for their customers. F
BY SEAN C. TARRY
There are more than half a billion active AliPay users globally. AliPay (Ant Financial) is a digital-first, financial services company offering everything from everyday banking, loans, mortgages and investments to the ability to pay for any goods or services.
There are nearly one billion active WeChat users globally. WeChat is a superfluid and intuitive social platform that incorporates messaging, phone and video capability, social moments marketing and simple payments. Average users are on the platform for four hours a day. A stark contrast to the 20 minutes the average user spends on Facebook.
Chinese tourists spent more than one-anda-half billion dollars in Canada in 2017.
With unrestricted access to funds using AliPay and WeChat Pay customers also tend to spend more than if they are using traditional payment methods. Neilsen just released a study that showed that not only do Chinese Tourists spend more than any other group but that 91% of Chinese tourists indicated they would be much more likely to spend if the merchant accepts Mobile Payment.
There are nearly 2 million Chinese Canadian residents.
AliPay and WeChat provide the same spend benefits to everyday spend categories as well. Anyone with access to funds in China will also spend in the Grocery, Entertainment, QSR, Oil and Gas, Goods and Service sectors.
Nearly 2 million Chinese tourists plan to visit Canada in 2019. By 2019 70% of sales in China will be on Mobile. In Canada luxury brands, entertainment, travel and grocery retailers can leverage marketing and acceptance of AliPay and WeChat Pay to bring new customers in store.
There is a foreign currency quota restriction of $50,000 USD per person per year for Chinese visitors and residents in Canada.
AliPay and WeChat pay are not only very easy to use but add incremental access to funds beyond the cap. AliPay and WeChat Pay provide to access available funds in China.
The number of Chinese students currently studying in Canada. Retailers who are early adopters will be able to build their brand, loyalty and sales by connecting with Chinese customers, in Chinese on their prefered platforms.
SnapPay is a full-service company that provides best in class marketing in Chinese on Chinese platforms to help merchants reach Chinese customers to build your brand and drive traffic instore or online. The company also provides best in North America acceptance solutions: state of the art in-store standalone devices as well as a full suite of integrated and online solutions.
SnapPay’s powerful marketing platform
- 52% secured buying intention
- 13% collected coupon conversion
- 25% traffic increase on coupon
- 47% extended customer base