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Business · TMT · Fintech
Alipay transections double during golden week holidays, 30% increase in users’ expenditures
2018/10/10 06:33:00
China's Financial News, China News, Alipay

Oct 10, 2018 (China Knowledge) - The London-based EMEA office of Ant Financial has released figures regarding Alipay usage during the golden week holidays in China.

Ant Financial, is the financial branch of Alibaba Group Holding Ltd <BABA:NYSE> established to provide consumers and small businesses with financial services through technology innovation. Alipay, is a third-party mobile and online payment platform, established by Ant Financial. The mobile application has dominated the mobile payment sector with Tencent’s <700:HK> WeChat.

In the statistic provided by the company, mobile payment processed on the platform is 2.2 times higher during the golden week holidays, compared to last years. Users on the platform spent an average of RMB 1979 on their purchases, an increase of 30% from last years.

Beside seeing an increase in domestic spending by users, the company’s effort in expanding its services overseas has also shown result in the figures provided. European countries saw the fastest growth in transaction volumes on the application.  The transaction volume on Alipay during golden week in Switzerland saw an increase of 27 times while the usage of the application in Spain has grown 14 times as compared to previous years.

Higher users’ spending overseas were also recorded, with users spending an average of RMB 8764 over the holiday in Denmark. Despite the rapid growth in usage and transaction volumes by users in European countries, Asia still remains as the top sending destination for Alipay users. 

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