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11/03/2024
YabandPay at ITB: The Resurgence of Chinese Tourists in the Global Market and Emerging Payment Trends

Introduction:

In recent years, the global tourism and hotel industry experienced a downturn due to the impact of the pandemic. As the situation gradually comes under control, the industry is now witnessing the dawn of recovery.

1. Resurgence Trends in the Global Tourism and Hotel Industry:

Tourism and the hotel business are slowly recovering, according to recent data. Industry analysts predict the global tourism industry’s CAGR to reach 5.4% in 2023, with hotel industry growth at 4.3%. This strong indication suggests increasing travel and accommodation demand and even higher income in 2024.

Tourist spending and lodging consumption by Chinese tourists are rising worldwide. Chinese tourists spent $277 billion on worldwide travel in 2019, setting a peak. This shows the importance of Chinese travellers in international tourism and hotels. More than 150 million Chinese tourists visited abroad in 2023, up 10% from the year before. Chinese travellers have transformed the global tourism and hotel industry, creating substantial financial prospects.

After nearly a decade of market cultivation, Chinese consumers use mobile payments to live ceaselessly. With this tendency, convenience in payment products has become more critical. Alipay, WeChat Pay, and UnionPay offer Chinese tourists more convenient and reliable payment choices worldwide. As these mobile payment methods become more popular in the global consumer market, Chinese tourists prefer using their home country’s payment methods when travelling abroad, accelerating the international tourism and hotel industry’s adaptation to this payment revolution.

2. Impact of Payment Convenience on Tourism and the Hotel Industry:

As the global tourism industry revives, international merchants’ support for popular Chinese payment methods becomes crucial for market development. Various payment methods, including Alipay, WeChat Pay, and UnionPay, offer users in different countries and regions multiple convenient payment options, reducing transaction complexity. Through digital payment tools, tourists can complete transactions quickly without carrying large amounts of cash or credit cards.

Secure and Reliable Payment Methods: Digital payments provide a secure and reliable means of transactions for the tourism and hotel industries. Merchants utilizing advanced encryption technologies and security protocols can ensure the confidentiality of consumers’ personal and financial information during payment, instilling confidence in transactions.

Digital Booking and Settlement: Digital payments drive the digital transformation of the tourism and hotel industries. Through online booking and settlement systems, consumers can arrange travel and accommodation anytime using mobile devices, enhancing business efficiency and the user experience.

Support for Diverse Payment Methods: Diverse payment methods, including credit cards, debit cards, mobile payments, and electronic wallets, cater to different consumers’ payment habits and preferences, enhancing payment flexibility.

In digital payments, products like iDEAL, Alipay, UnionPay, and WeChat Pay are shaping the future of the global tourism and hotel industry. Each payment method has unique impacts, functionalities, and target audiences.

iDEAL:

Impact: iDEAL has become the preferred method for online payments in the Netherlands, providing efficient and secure payment options for local tourism and hotel businesses.

– Functionality: Real-time bank transfers are easy to use.

– Consumer Base: Mainly within the Netherlands, widely accepted.

Alipay Plus:

– Impact: As a leading Chinese mobile payment service, Alipay offers more convenient payment methods for Chinese tourists globally.

– Functionality: mobile payment, online shopping, and booking travel services.

– Consumer base: Chinese tourists and international users.

UnionPay:

– Impact: UnionPay is one of the world’s largest card organizations, providing payment options for many international tourists.

– Functionality: Global bank card payments.

– Consumer Base: Mainly serving Chinese tourists and international cardholders.

WeChat Pay:

– Impact: WeChat Pay provides a convenient and secure payment experience globally, especially popular in the Asian market.

– Functionality: Mobile payment, WeChat Mini Programs.

– Consumer Base: Younger generations in Asia and globally.

Digital payments boost the worldwide tourism industry by introducing new business opportunities and giving travellers more payment options. It also accelerates the digital transformation of the tourism and hotel industries, including online booking systems, settlements, and integration with other services, enhancing corporate efficiency and competitiveness. Smooth digital payments boost consumer happiness and loyalty.

In conclusion, WeChat Pay and WeChat Mini Programs drive digital transformation, improve user experience, and increase sales and service opportunities in the hotel and tourism industries. Due to their broad influence, WeChat Pay and Mini Programs are essential to industry growth.

3. YabandPay’s Diverse Payment Options for EEA Merchants:

As a global licensed payment solution institution, YabandPay integrates aggregated payment methods like iDEAL, Alipay, WeChat Pay, UnionPay, Google Pay, and Apply Pay, allowing merchants to access multiple payment tools in one step and giving consumers more flexible and convenient payment options. Merchants have more market options, enabling the worldwide travel and hotel business to adapt to digital payments.

YabandPay also provides merchants technical support to construct WeChat Mini Programs and aggregates payment options to fulfill digital transformation market needs. WeChat Mini Programs, a powerful mobile tool, lets businesses promote products and services and communicate with customers. YabandPay helps merchants create customized WeChat Mini Program platforms with technical support, improving the user experience and business visibility.

Using a hotel in Iceland as an example, YabandPay uses WeChat Pay and Mini Programs to attract Chinese tourists:

Convenient Check-in with WeChat Pay: By integrating WeChat Pay, Chinese tourists can use their familiar payment method when booking and checking into the hotel in Iceland, improving payment convenience. This encourages more Chinese tourists to choose this hotel, thus expanding its visibility in the Chinese market.

Customized Services through WeChat Mini Programs: YabandPay builds a personalized WeChat Mini Program for the hotel, showcasing its unique services and style. Through the Mini Program, Chinese consumers can learn about the hotel’s facilities, room types, and special services, facilitating online booking and payment.

Multilingual Service Support: YabandPay provides Chinese language support, ensuring seamless communication with Chinese consumers. From booking to checkout, the entire process can be completed in a familiar context, enhancing the user experience.

Promotion and Discount Activities: Through WeChat Mini Programs, YabandPay designs regular promotional and discount activities for the hotel, attracting more Chinese consumers to choose the hotel. This direct online promotion helps the hotel establish a positive brand image in the Chinese market.

In conclusion, YabandPay, through aggregated payment methods and technical support for WeChat Mini Programs, successfully helps a hotel in Iceland open its doors to the Chinese market. This comprehensive solution meets payment needs and achieves significant success in digital promotion and user experience, providing robust support for more international businesses to expand in the Chinese market.

Payment methods will continue to affect the travel and hotel business in the digital age. As the number of Chinese tourists increases, the worldwide tourism and hotel business prospers. This process requires payment items to make Chinese tourists’ payments easier.

Worldwide tourism and hotel businesses will gain from the growing number of Chinese tourists, but their payment habits must be appropriately adapted and integrated. A service provider’s payment method option will be vital in attracting Chinese tourists in the digital age.