The Chinese market has long been a significant player in the global economy, and its impact on the Australian economy is no exception. With the recent return of Chinese tourism, we are now seeing a peak in economic sales in Australia. In particular, one of the most significant changes we are seeing is the use of Chinese digital wallets as a preferred payment method.
The use of Chinese digital wallets such as Alipay+, WeChat Pay, and China Union Pay has been growing steadily over the past few years in Australia. With the recent influx of Chinese tourists, the trend has only accelerated, and businesses that have adapted to these changes have seen a significant increase in sales.
One of the largest providers of point-of-sale (POS) terminals that accept Chinese wallets in the Australian market is epay. The company has seen a notable increase in sales, with a 300% growth from Q1 22 to Q1 23. Furthermore, the first quarter of 2023 has witnessed a monthly growth rate of 70%.* This is a clear indication of the shift in consumer behaviour towards digital wallets as a preferred payment method, especially for Chinese tourists.
Businesses that have updated their payment systems to accept Chinese digital wallets have benefited greatly from this trend. It’s crucial for businesses to ensure they can accept these payment methods to remain competitive and attract Chinese customers. Additionally, merchandising displays should be updated to cater to the needs of Chinese tourists, such as displaying products that are popular in China and providing Chinese translations where necessary.
The benefits of accepting Chinese digital wallets go beyond increased sales. By accepting these payment methods, businesses can offer a more seamless and convenient shopping experience for their Chinese customers. This can lead to increased customer satisfaction and loyalty, which is essential for businesses looking to establish long-term relationships with Chinese customers.
In conclusion, the Chinese market is changing economic sales in Australia, with the use of digital wallets being a significant driver of this change. Businesses that accept Chinese digital wallets and cater to the needs of Chinese tourists have seen a significant increase in sales. As Chinese tourism continues to grow, it’s crucial for businesses to adapt and embrace these changes to remain competitive and successful. The call to action for businesses is clear: ensure that Chinese digital wallets are accepted, and merchandising displays are updated to cater to the needs of Chinese tourists.
Take action now and reach out to us to discover how you can provide your customers with International digital wallets. Contact us at epayausales@epayworldwide.com.au today.
* The reported sales data is based on actual sales figures obtained from epay.