Convenience store chain 7-Eleven has become a pioneer in accepting Chinese mobile payment systems Alipay and WeChat Pay in Canada. What are you planning for the growth of your business in Canada? Do you need a reliable and low cost Canadian merchant account? Read this article if you’re interested in all this.
Chinese Tourism Rising
People in China are now enjoying increased levels of income, and travel now makes up part of better life quality. The number of Chinese choosing to visit foreign countries for their vacations is growing. According to the China National Tourism Administration, as of 2017:
- Chinese tourists’ traveling occasions overseas were estimated to be 131 million in 2017, which was 7.0% more as compared to 2016
- The International Association of Tour Managers reports that Chinese tourists spent USD 261.1 billion on travel overseas in 2016, which was an increase of 4.5% YoY (year-over-year,) and was ranked #1 worldwide
Chinese tourists more and more often consider Canadian tourism a convenient option for them. More Chinese tourists are currently taking advantage of the offerings by 7-Eleven convenience store chain, which is working on capitalizing on the influx of tourists.
7-Eleven has already been accepting various mobile payments across Asia, and now the store chain already accepts Alipay and WeChat Pay at 35 of its locations in Canada. So, Chinese consumers can now enjoy these payment methods at 35 select locations in Vancouver and Toronto.
Alipay and WeChat play a dominant role in the cashless payments market in Chinese. Currently, both of these companies are focused on their expansion outside China. That’s why they’ve recently partnered with 7-Eleven. The payments are powered by a cross-border payment and marketing solutions company that handles the transactions for both companies in China.
Canadian Merchant Account
Alipay and WeChat together represent 93% share of China’s digital payments market. Nearly 70% of Chinese consumers use mobile payments. Alipay and WeChat payments in Canada are expected to add to the convenience offered by 7-Eleven to Chinese tourists.
What about you? What’s your strategy concerning growing your eCommerce business in Canada? Have you already found a trustworthy and affordable credit card processing company to work with? If not, you can’t even dream of taking your business off the ground or moving it to the next level. So, take the time to find a true professional in the field that can get you an affordable Canadian merchant account fast and easily.
This is quite important since the number of Chinese tourists visiting Canada grew 12% to 682.000 arrivals in 2017 from the previous year. As a result, China became the biggest source of visitors from the Asia-Pacific region, as the government travel group Destination Canada reported.
It was back in September 2018, when 7-Eleven announced Apple Pay and Google Pay would be accepted at the majority of its almost 8.000 stores in the US. Now, given frictionless payment processing is gaining more traction in Canada, 7-Eleven has become the 1st convenience store in North America to accept the mentioned mobile payment apps.
Author Bio: Electronic payments expert Blair Thomas is the co-founder of high risk payment processing company eMerchantBroker that offers unique merchant services, including a Canadian merchant account. He’s just as passionate about his business as he is with traveling and spending time with his dog Cooper.