China grows its tourism industry; plans to make mobile payments to boost tourist spending

China grows its tourism industry; plans to make mobile payments to boost tourist spending

- China has adopted a unique way to maximise its tourism potential by taking advantage of payment systems in the country

- In the first half of the year 2019, its Chinese Tourism Academy recorded a 14% year-over-year (YoY) increase in revenue

- It has also been observed that payment companies have become the preferred option for traders because it is very popular with Chinese tourists overseas

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China’s tourism industry experienced a boost to up to 81.3 million trips in the first half of the year 2019, YEN.com.gh has learned.

According to the Chinese Tourism Academy, this represents an increase of 14% year-over-year (YoY), per a report from Alipay and Nielsen.

This, per a report by businessinsider.com, presents payments providers with a valuable chance to rack up volume and build loyalty.

China grows its tourism industry; plans to make mobile payments to boost spending of tourists

Source: jingdaily.com
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Payment companies may, therefore, become a preferred option for merchants because the payment method has been recognized as the most popular factor that affects Chinese tourists overseas.

This has been pegged at 37% which comes ahead of product quality, which was 36% and price, which was 36%.

YEN.com.gh understands that 44% of Chinese tourists in some popular travel destinations like the UK, Singapore, and South Korea use mobile payments most often while just 13% of their general tourist populations do the same.

This suggests that the international acceptance of mobile payments could help payment companies to attract Chinese tourists.

For that reason, companies such as Alipay and WeChat Pay, which are major players in China’s mobile payment markets, have been doing their best to expand their networks.

In other news, YEN.com.gh has learned that the United States of America (USA)’s deficit for the year 2020 is likely to be over $1 trillion.

This, per reports available, is projected to be the highest since the year 2012, when the country was pursuing stimulus measures to help the nation recover from the Great Recession.

Businessinsider.com reports that such the increase in the deficit is as a result of the US government spending more than it is able to accrue as revenue, despite a steady growth in the economy.

According to the nonpartisan Congressional Budget Office on Tuesday, January 28, 2020, the budget deficit is projected to hit $1.02 trillion in the fiscal year that started on October 1, 2019.

It has however been determined that borrowing is likely to continue over the next decade and could hit an unprecedented $31 trillion.

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