China’s outbound and inbound travels showed fast and resilient rebounds during the recent long holiday to commence the year of the Rabbit, as witnessed by strong growth of popular cross-border digital payments.
Between January 21 and 26, the year-on-year growth of outbound transaction volumes by Alipay users has surged by 150%, with the Hong Kong and Macao S.A.R.s being the most popular destinations for mainland consumers, based on the number of transactions during this Chinese New Year period.
Specifically, the number of transactions through Alipay from Chinese mainland tourists to Macao increased by 100%, while that from Chinese mainland tourists to Hong Kong increased by nearly 70%. Alipay currently serves more than 1 billion users and has transformed from a trusted payment tool to a digital open platform over the years.
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