Estimates show that over 120 million Chinese people traveled last year, and on those trips spent about $875. Nearly 450 million Chinese users currently use mobile payment apps like Alipay merchant account and WeChat merchant account. To put two and two together, businesses need to target this massive internationally traveling market by accepting Alipay and WeChat as a point of sale option.
There are many advantages of accepting mobile payments from your Chinese customers. One such reason is the convenience it provides them, encouraging them to patronize your business.
Many Chinese consumers (as mentioned earlier nearly 450 million of them) are utilizing mobile payment systems. Unfortunately, they have been forced to use alternative payments like cash or international credit cards to make payment at businesses and to vendors during their travels. Not only is utilizing an international card inconvenient for Chinese travelers, but it is costly for the businesses to accept them as well. Typically, processing an international payment can cost up to 3.5% of the transaction! This is an unacceptable and avoidable negative business cost.
The growing popularity of utilizing an Alipay merchant account and WeChat merchant account from Chinese customers has opened major doors for businesses. The convenience of payment through their preferred mobile payment app could push many of those Chinese travelers to countries and businesses that accept these payments.
Alipay merchant account and WeChat merchant account apps are innovative in the sense that they can be intuitive rather than just a method of payment. Imagine your Chinese customers getting marketing regarding your business before they even travel to your city. This is a major advantage to incorporating these types of services into your point of sale options. Driving Chinese customers to your business is certainly viable via both the marketing aspect and the convenience of easy payment.
Chinese consumers are becoming aware of the opportunity to use their preferred mobile payment platform abroad. As this awareness grows, businesses will be sought out because of their ability to accept these payments. With that trend, businesses who neglect this market and opportunity to service it will be left behind.
Growing Acceptance of Mobile Payments is Drawing Attention
Companies like Uber, Airbnb, and Macy’s are catching on to the draw of Chinese customers via Alipay and WeChat. Their acceptance of these mobile payments makes it even more important for businesses to begin taking advantage as well. As more large companies begin accepting Alipay and WeChat payments globally, smaller businesses can take advantage by providing the same convenience outside of China for Chinese travelers. The addition of an Alipay merchant account and WeChat merchant account to your mobile payment options will create the same draw larger companies are looking for. In addition to providing convenient payment for your customers, adding mobile payment options provides unique marketing and analytical tools via single solution apps.
Single Solution Apps Leading the Way in American Mobile Payment
As the global acceptance of mobile payments has grown, American merchants have begun to take advantage. The addition of programs that incorporate both the Alipay merchant account and WeChat merchant account has made accepting any form of mobile payment possible for American businesses. This allows them to service a large Chinese consumer base that they would have missed before.
Single solution apps also allow for businesses to take advantage of all the benefits of these mobile payment platforms as well. Having access to Alipay’s Discovery Channel can drive traffic via the exposure it provides. WeChat boasts the largest Chinese social network, affording business major exposure. Incorporating these advantages through a single solution is practical and convenient. At this point in international mobile payment, the extra marketing bump to the Chinese travel market can be a game changer in driving business.
Narrowing it All Down
Businesses have entered an age where considering what to sell is no longer the challenge. Providing access to as many consumers as possible is the new “magic pill” for commercial success. Turning away customers because of a lack of mobile payment options is a sure way to lose vital business both now and in the future.
Chinese travelers make up a large portion of the international travel community. For businesses in frequently visited regions, offering convenient, familiar, and inexpensive payment opportunities for these travelers is vital.
Alipay and WeChat combine for a very large portion of the Chinese mobile payment market. Utilizing a single solution that accepts both methods of payment, and others, allows businesses to ensure they are attractive to Chinese customers traveling abroad. A single solution product can make transacting with these customers easier by offering virtually any mobile payment option they could need.
Also invaluable is the opportunity to have your business in front of Chinese customers via online and in-app marketing. Single solution options provide the opportunity to effectively use these marketing advantages to drive business exposure. Having consumers directed to your business because of easy transacting is a valuable incentive to include an Alipay merchant account and WeChat merchant account as part of your POS system.
Mobile payment platforms are no longer the payment of the future for Chinese international travelers. They are the payment of the now and businesses that quickly take notice will be rewarded with increased traffic, as travelers seek them out for convenience. It is quickly becoming a necessity for businesses to ensure they are utilizing an Alipay merchant account and WeChat merchant account, to provide their Chinese consumers with the convenience of mobile payment. Acting now will put your business at the forefront of a rapidly expanding market and in the driver’s seat of an evolving technology – mobile payment systems.