Malaysia Top Global Destination for CNY, with more cross-border transactions

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.

After 20 years of evolving technology, shifting market trends, and adapting to changing consumer behaviour, the media landscape has nearly reached saturation.

We’ve optimised to the fullest, providing advertisers with abundant choices across technology, platforms, data-driven marketing, CTV, OTT, DOOH, influencer marketing, retail, etc.

Media specialists have diversified, but with more options comes the challenge of maintaining income growth. The industry is expanding, but revenue isn’t keeping pace.

Now, we’re at a TURNING POINT: time to explore and harness new sustainable revenue streams. While GroupM forecasts a 7.8% global ad revenue growth in 2024, challenges like antitrust regulation, AI and copyright issues, and platform bans persist.  

Collaboration is key: partnerships that thrive on synergy, shared values, and aligned goals are becoming increasingly essential.

Hence, the Malaysian Media Conference, in its 20th year, has assembled the partners and players under one roof on October 25 for a day of learning, sharing, and exploring.

 

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