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AlipayHK Users' Consumption Deals in HK Up ~30% during LNY
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From the first to the fourth day of the Chinese New Year, the number of Hong Kong people using AlipayHK for consumption in Hong Kong mounted by nearly 30% compared with the same period in 2024, among which the retail and catering businesses logged notable growth, on the back of market turnaround in the Chinese New Year. In addition, with AlipayHK realizing the full integration of local and cross-border transportation payments, Hong Kong people's northbound travel is no longer limited to Guangdong Province, but has also expanded to cities such as Shanghai and Beijing, which has also shored up the number of people consuming in Macau by 40%. Between the 29th of December of last Chinese New Year and 4th of January of this Chinese New Year, the number of mainland Alipay users spending in Hong Kong elevated day by day, with the most spending on clothing, followed by jewelry, groceries and restaurants. Separately, Macau's Mpay, Malaysia's Touch'n Go eWallet and the Philippines' GCash were also among the more frequently used e-wallets. In December 2024, the average number of daily transactions made by expatriates using Alipay+ wallets in Hong Kong soared nearly 45% compared to November 2024, with Hong Kong's featured department stores, convenience stores and fast food outlets being the most popular. AAStocks Financial News |
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