5 Reasons Why NZ Businesses should adopt Chinese Mobile Payments – Alipay, WeChat, Union Pay
By now, you would have heard in the media that more and more Chinese tourists are visiting New Zealand and that your business should accept Chinese payments such as Alipay, We Chat and Union Pay. It is a massive opportunity for NZ businesses to increase sales.
Here are 5 reasons why your business should adopt Chinese Mobile Payments:
1. Chinese use mobile payments
Paying with mobile is simply embedded in Chinese daily life. 98% of Chinese smartphone users have used Mobile payments including Alipay, WeChat and Union Pay. 67% of Chinese tourists prefer to use mobile payments when travelling, and are four times more likely to buy if QR payment is an option.
2. Chinese tourists numbers are growing in NZ and they spend BIG
Currently, NZ gets around 450,000 visitors from China who spend about $1.4 billion. In the next 4 years, NZ is expected to get around 900,000 Chinese visitors with spend around $4 billion.
3. Saves fees for the merchant and customer
Just offering Visa/MasterCard costs the merchant more as it will be treated as an international card transaction and the fees paid by merchants would be around 3%. The Visa/MasterCard holder from China also lands up paying fees of about 3% for that international transaction. 5-7% of a transaction’s value land up as fees, compared to Alipay & WeChat which is usually less than 2%.
4. Familiar brands attract customers from China
AliPay and WeChat Pay are highly trusted and valued brands in China. A Chinese tourist is more likely to visit and buy something from a retailer if they know the payment type they are familiar with is accepted at that merchant.
5. Marketing your business on Alipay and WeChat Platforms
Having your business present on Alipay and WeChat platforms is a great way to market to Chinese consumers. You could provide them with incentives to make purchase as well to attract them.