The leading mobile payments platform, Alipay, recently announced plans for collaborating with several Japanese partners to improve the cashless experience for tourists visiting Japan, especially during the Tokyo Olympic Games in 2020. Citing reliable sources, the company aims to merge with the local services for allowing numerous tourists from China enjoy hassle free, familiar payment methods and also providing business opportunities for local Japanese merchants.
Eric Jing, Executive Chairman and CEO of Ant Financial, the firm operating Alipay, made a statement saying the company is focused on using technology to improve the user experience and generate value for small and micro businesses. The surge in tourists due to the Tokyo Olympics will help to establish Alipay as the bridge between visitors and the local enterprises, he added.
Jing also believes that it is equally important to merge with a large number of enterprises and partners even in small cities with popular tourists attractions, to contribute in driving the local economy of such areas across the country.
As per reports, the number of visitors from China to Japan is increasing with every passing year. In 2017, there were about 7.35 million tourists to Japan with an year over year growth rate of 15.4% and the total expenditure was around 1.6 trillion yen (US$14.3 billion). In 2020, during the Olympics, the number of tourists attracted to the games or popular locations are anticipated to be at their peak.
Referring to recent data released by Alipay, Chinese users of the platform in Japan for July and August 2018, stretched to about 3,900 yuan (US$569) per head, which shows a hike of 52% compared to previous year. The total transaction volume of the online payment platform apparently grew by 165%.
For the record, Alipay has also made collaborations with regional banks, such as Kyoto Shinkin Bank and Hida Credit Union, which has allowed the company to make its services available in tourist spots and shops even in smaller cities. Alipay also seeks to collaborate with local mobile payment platforms like Line Pay and Paypay.
Pankaj Singh Develops content for Algosonline, Market Size Forecasters, and a couple of other platforms. A Post Graduate in Management by qualification, he worked as an underwriter in the UK insurance domain before deciding to switch his field of profession. With experience in technical and niche writing, he was encouraged to opt for a career in content writing and now pens down articles pertaining to market research, industry news and business trends.