Posted on by Vishnu Devarajan
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Malaysia Top Global Destination for CNY, with more cross-border transactions
27 Feb
Chinese New Year is widely celebrated across Asian communities. With new partnerships in 2023 and increased travel, total cross-border spending on the region’s leading e-wallets powered by Alipay+ increased by 252% year-on-year. Daily average transactions increased by 304%. Japan, South Korea, Macao SAR, Thailand and Singapore are the top 5 most popular destinations for Alipay+ consumers besides the Chinese mainland.
Alipay+ Malaysia welcomes tourists
Since November 2023, Alipay+ has been accepted by more than 1.9 million DuitNow QR merchants, giving tourists greater convenience to pay via their home e-wallets no matter where in the country they visit.
As a result, for CNY 2024, data from Alipay+ shows that Malaysia is the fifth most popular destination globally for Chinese tourists, with spending in Malaysia in the first seven days of CNY is two times that of CNY 2019 and more than ten times compared to 2023.
Said Dr Cherry Huang, General Manager of Alipay+ Offline Merchant Services, Ant International. “Through our partnership with PayNet, we have seen a significant increase in Alipay+ transactions on the DuitNow QR network, which shows that it not only provides great convenience to tourists but also brings more opportunities to local businesses, both big and small.
Hong Kong SAR, Japan, Macao SAR, Thailand, Malaysia, Singapore, South Korea, France, Australia and Canada are the top destinations for Chinese travellers by their Alipay spending.
Thailand, Malaysia and Singapore combined saw a 7.5% increase over 2019 and a 580% leap over 2023, with Thailand leading in total volume and Malaysia showing the most significant growth.
New visa-free policies from major Southeast Asia destinations, including Malaysia, are critical enablers of the cross-border travel boom.
In addition to a more significant geographical footprint, the Chinese globe-trotter is expanding her interest from traditional activities like shopping and visiting major tourist sites to a more immersive and unique local experience.
Globally, in the CNY week, Chinese tourists spent 70% more on food and beverage than in 2019, venturing from downtown hotspots to out-of-the-way local treasures.
