UnionPay's purchase volumes for Chinese tourists at merchants jumped almost 3X during CNY 2023, while UnionPay overall spend in Singapore grew at over 1.5X when compared to CNY 2022.
SINGAPORE, Feb. 6, 2023 /PRNewswire/ -- Chinese tourists have been returning to Singapore since 8 January 2023 when China first lifted its border controls. Over the 2023 Chinese New Year (CNY) period of 21 to 30 January, UnionPay's purchase volumes from Chinese tourists at merchants jumped close to three times compared to 2022 CNY period. Overall spend by Chinese travelers' in Singapore grew at over one and a half times, when including ATM cash withdrawals at UnionPay ATMs in Singapore.
The surge in spend from Chinese tourists is not surprising. Trip.com reported on 31 January 2023 that Singapore was the second most popular international travel destination for Chinese travellers during CNY, with the number of outbound flight bookings to Singapore jumping more than eight times[1].
"We are pleased to witness the growth in payment volumes from Chinese travellers during this CNY period, and that they choose to pay with UnionPay when in Singapore. Moving forward, we can expect stronger business growth for UnionPay Singapore as guided tour groups, free & easy travellers, and business visitors continue to pick up. In preparation for the return of international visitors, UnionPay International (UPI) is continuously strengthening our merchant acceptance to provide a more seamless payment experience for them. UnionPay is now widely accepted at over 40,000 merchants across Singapore, covering many categories and sectors." said Ms Carine Low, Singapore Country General Manager of UPI.
During the 2023 CNY period, Chinese tourists spent most on Jewellery & Watches, Clothing, and Luxury & Leather goods. The Food & Beverage outlets, Supermarkets, and Clothing retailers enjoyed the most transactions.
Ms Jenny Wang, Assistant Vice President of Resort World Singapore (RWS) said, "We have seen many Chinese tourists returning to our attractions and shops. Many of them choose to pay with their UnionPay cards, as they not only enjoy the convenience of cashless payment at RWS but also get a UnionPay discount at Universal Studios Singapore, S.E.A Aquarium and Adventure Cove Waterpark if they spend S$200 and above, it's really a win-win situation for them."
Chinese group tours to Singapore resumes today after a three year hiatus. Carine Low said that she is confident that Chinese tourists will find many reasons to use UnionPay when they are enjoying the superb shopping, gastronomic delights, world class resorts and top notch theme parks in the Lion City.
About UnionPay International
UnionPay International (UPI) focuses on the international business of UnionPay, a global payment network that serves the world's largest Cardholder base. With over 70 million merchants accepting UnionPay in 181 countries and regions, and over 40 million merchants in 46 markets globally accepting UnionPay Quick Response (QR) Code, UnionPay is one of the fastest-growing payment networks in the world.
As a company with a global acceptance network and a wide range of world-class payment services, UnionPay is committed to providing access to value and secure payment solutions that are tailored to the needs of the local market, to enable choice and ease of payment for consumers and businesses alike.
In Southeast Asia, UPI has enabled ATM, POS acceptance, card issuance and e-wallets across all 10 countries. In Singapore, a wide range of UnionPay Cards and many apps are enabled to scan UnionPay QR Code, including BOC Mobile Banking, DBS PayLah!, Huawei Pay, ICBC Mobile Banking, and Nestia. For more information on UnionPay Singapore, visit https://www.unionpayintl.com/sg/info/.
[1] https://www.trip.com/newsroom/ctrip-lunar-new-year-data-23-outbound-bookings-up/
