Optimize your payment system in Chinese New Year
Chinese New Year is the most important traditional festival in Chinese culture. It is a significant time for family reunions and welcoming the new year. Nowadays, more and more Chinese people choose to shop online, and also travel abroad, providing merchants worldwide with an excellent opportunity to attract Chinese customers both online and in-store.
During the 2024 Spring Festival, online payment activities in China reached a new peak. According to data, the daily average number of online payment transactions processed by NetsUnion Clearing Corporation and China UnionPay reached 2.63 billion, with a transaction value of 1.25 trillion yuan.
Compared to the 2023 Spring Festival period, the daily average number of transactions and transaction value increased by 18.6% and 8.0%. It is expected that this year's consumption volume will continue to grow. These data fully demonstrate the strong driving force of the Spring Festival on consumer activities.
In this article, we will explore the latest trends in outbound tourism during the festival, and provide practical advice for merchants on optimizing their payment systems to seize opportunities to attract more Chinese customers.
Chinese New Year cross-border tourism
Chinese New Year follows the lunar calendar and typically falls between late January and mid-February in the Gregorian calendar. The festival not only marks the beginning of the new year for the Chinese but also has deep historical and cultural significance.
The integration of traditional Spring Festival customs with modern lifestyles has made it an important driver of consumption. In particular, the widespread adoption of digital payment technology has injected new vitality and convenience into consumption activities.
In recent years, more and more Chinese people choose to travel abroad to spend the Spring Festival and cross-border tourism has seen remarkable growth. For the 2024 Chinese New Year holiday, outbound travel bookings increased nearly tenfold year-on-year, reaching the highest level in four years. Looking ahead to 2025, this growth momentum is expected to continue. According to Airbnb data, searches by Chinese users for outbound travel during the 2025 Spring Festival surged nearly threefold compared to end-of-year holidays such as New Year’s Day. Europe and Southeast Asia remain popular destinations.
In terms of payment preferences, Chinese tourists exhibit a strong inclination toward mobile payments. Platforms such as Alipay and WeChat Pay have become deeply integrated into the daily lives of Chinese. The data revealed that the amount of overseas spending via Alipay increased by 140% compared to 2023. Furthermore, 94% of Chinese tourists indicated a preference for shopping at destinations that accept mobile payments. To cater to this trend, many merchants in popular overseas tourist destinations have started accepting Alipay and WeChat Pay to enhance the shopping experience.
Overall, as the Chinese cross-border tourism market continues to expand, the internationalization of mobile payments is also accelerating. Merchants who adapt to this trend and offer convenient mobile payment options are more likely to attract Chinese tourists and improve customer satisfaction.
How merchants can optimize their payment systems during the Spring Festival
Accept Chinese consumers’ preferred payment methods
First, integrating multiple payment methods is crucial. Merchants should support mainstream Chinese mobile payment tools such as Alipay and WeChat Pay, alongside international payment options, to accommodate diverse consumer habits. For overseas merchants, in particular, accepting familiar payment methods for Chinese consumers can significantly enhance the shopping experience and broaden the potential customer base.
With Silkpay integration, merchants can accept a wide range of payment methods through the PAX A920Pro POS terminal. This includes credit card payments such as Visa and Mastercard, as well as digital wallets like Apple Pay and Google Pay. It also supports QR code payments like Alipay and WeChat Pay. Whether serving local consumers or international tourists, Silkpay’s multi-payment options help merchants stand out in a competitive market and prepare for the sales peak during Chinese New Year.
Prepare your business with the best payment system
The transaction volume typically surges during Chinese New Year, so merchants need to conduct comprehensive stress tests and technical upgrades on their payment systems to prevent system crashes during peak periods. Establishing backup payment channels is also essential. If one payment method fails, merchants can quickly switch to another, ensuring smooth transactions.
Silkpay provides merchants with comprehensive and diversified payment solutions, eliminating reliance on a single payment method. Silkpay provides POS terminals, Mobile POS, and PaybyLink services. POS and Mobile POS are ideal for brick-and-mortar stores handling high transaction volumes, delivering a seamless payment experience for global customers. PaybyLink, on the other hand, offers robust support for e-commerce and remote payment scenarios, enabling merchants to generate payment links for consumers to complete transactions easily, regardless of their location.
Choose the best payment provider
By collaborating with the ideal payment providers, merchants can equip their business with the latest payment solutions and features. Merchants should select a payment provider that offers the best payment services, ensuring they can quickly assist with any issues during transaction peaks and maintain smooth operations.
Silkpay, with its experienced and skilled team, offers comprehensive support services for merchants. From system optimization and feature integration to addressing unexpected issues during peak periods, Silkpay provides swift responses and assists merchants in problem resolution. By partnering with Silkpay, merchants gain quick technical support, ensuring that every transaction is completed smoothly and offering customers the best payment experience.
Conclusion
Chinese New Year is not only a symbol of traditional culture but also a vital opportunity for global economic activities and cultural exchanges. From the popularization of digital red envelopes to significant trends in outbound tourism, the Spring Festival is increasingly becoming a globalized celebration.
For merchants, Chinese New Year is not just a sales peak but also a strategic opportunity to optimize payment systems and enhance service quality. By integrating multiple payment methods, ensuring system stability, and maintaining close collaboration with payment service providers, merchants can comprehensively improve the consumer payment experience and stand out in a competitive market. Particularly in the context of cross-border tourism and international payments, Silkpay provides comprehensive payment support for merchants to help them attract more international customers.
As the global influence of Chinese New Year continues to grow, merchants who embrace this trend will be better positioned to serve Chinese consumers, explore new growth opportunities, and inject fresh momentum into their development.
About the author: Silkpay
Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerce in Europe and the Americas accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as Asia-Pacific’s major e-wallets.
Silkpay is a winner of the LVMH Innovation Award. The company was also selected as a finalist for the "Money 20/20" Best Startup and in the "MPE Berlin” Startup Awards. Silkpay also won the "Best Fintech" awards from Capgemini and BPCE.
Silkpay helps merchants deliver the smoothest payment experience to their customers. We are a talented and international team driven by a single goal: to improve the customer experience and make payments simple and secure.
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