“The growth of China’s mobile payments innovations has had spillover effects both regionally and globally outside of China,” said Deer. WeChat Pay and AliPay have also emerged as key channels for cross-border trade by facilitating the purchase of Australian goods and products by consumers in China, via “dai gou” purchasers that act as local agents on their behalf. “They have over 10,000 merchants signed up who are accepting payments through these WeChat Pay or Alipay channels.” “While we don’t know what the breakdown of mobile payments is because WeChat and Alipay are private companies, RoyalPay, a third party payment company that acts as an agent for WeChat and AliPay, reported AUD$1.3 billion dollars worth of transactions between late 2015 and early 2019.” “If you look at the recent transformation of major Australian cities such as Sydney and Melbourne, wherever there are Chinese-owned stores servicing Chinese customers they’re probably accepting payments via WeChat or Alipay.” “As a rough break down the education-related spend by Chinese visitors – whether students themselves or their families coming out to Australia – was reported to be around $10.7 billion dollars in 2018. “Recently there have been around 1.5 million Chinese tourists coming to Australia each year, and around 400,000 Chinese students studying at our universities,” Deer said. Luke Deer, an expert on the fintech sector in China and Australia, said to China Banking News that the two payments giants have also seen rapid expansion into overseas markets, by catering to booming demand amongst the fast-growing numbers of Chinese travelling, studying or working abroad.Īvailable data indicates that these payments markets are especially lucrative in countries such as Australia, which are host to sizeable Chinese student populations and are major draws for China’s tourism market. Over the past decade Alibaba’s Alipay and Tencent’s WeChat Pay have obtained positions of unrivalled dominance in China’s mobile payments market with their QR code systems, driving a cashless revolution for the Chinese consumer. Overseas Chinese communities have emerged as key offshore growth areas for the digital payments services of tech giants Alipay and WeChat.
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