[THE INVESTOR] Korea was the top Asian country for Alipay during the summer vacation season, China’s largest online payment platform said on Sept. 3.
Alipay users spent 2,955 yuan (US$432) on average around the world, 43 percent up from the same period last year. They spent an average of 8,330 yuan in Korea, the second-biggest spending by users, following France where they spent 11,380 yuan. Although Korea went down from the top position in 2017, it was the only Asian country in the top five list occupied by three European countries and UAE.
In terms of the total volume of transactions, Asian countries and regions such as Hong Kong and Thailand topped the chart followed by Korea.
Chinese tourists spent 2.6 times more than last year during July-August around the world as it has expanded its network globally, according to Alipay Korea.
“We’re expanding our network to improve convenience for the increasing number of Chinese individual tourists,” said Jung Hyung-kwon, CEO of Alipay Korea.
Alipay made a foray into Korea in 2015. More than 50,000 stores in the country, ranging from duty-free shops to restaurants, accept the Alipay wallet, according to the company.
By Park Ga-young (firstname.lastname@example.org)