As the Chinese "go out" shopping, China's payment is sweeping South Korea.
According to the Yonhap News Agency, during the 11th period of this year (October 1-7), about 250,000 Chinese tourists visited South Korea. Compared with the same period in 2010, the number of visitors to Korea has increased by nearly 400%. The sales of Korean department stores and duty-free shops to Chinese customers increased by 20-40% year-on-year. In the Korean supermarket easy to buy, the number of UnionPay card transactions increased by 31% from 1 to 6 days, and the transaction amount increased by 7%.
Xiaolu from Shanghai is an employee of a foreign company. This year, National Day Xiaolu purchased Korean cosmetics at a duty-free shop in Seoul, and this is her 15th trip to South Korea to “sweep the goodsâ€. "Now shopping in South Korea, and there is no difference in the country; credit card, Alipay, WeChat scan code ... and the country is exactly the same." Xiao Lu said.
Tourists’ overseas consumption is like the rapid growth of the legendary Golden Sheep, and China’s major payment systems are “hot†in South Korea, vying for gold wool.
Four major payment companies have entered Korea
At the end of August, Woori Bank, one of the three largest banks in South Korea, announced that they would join forces with Lakara to launch a settlement service in Korea; and Woori Bank as the exclusive settlement bank in Korea, together in cosmetic hospitals, shopping malls, and tax-free Shops and other places frequented by Chinese tourists to promote Lakala's settlement business in Korea.
With Lakara entering South Korea as a symbol, the four major domestic payment companies (Ant Jinfu, UnionPay, WeChat Pay, Lakara) have all entered Korea.
Previously, Tencent “WeChat Pay†and other payment agencies in South Korea, such as Woori Bank and Hana Bank, signed a settlement agreement to provide settlement services for Chinese tourists who used WeChat to pay to South Korea.
The Ant Financial Service is a big move: In September, Incheon Airport announced its support for the use of Alipay, and then COEX opened the world's first “Alipay Life Pavilion†in the Jiangnan Center of Seoul; at the same time, Alipay can include three major duty-free shops in Korea. More than 30,000 major merchants including the store chain directly use the “scan codeâ€.
In addition, China UnionPay, which entered the Korean market as early as 2005, recently announced the launch of a contactless payment "Quick Pass" service in Korea after the announcement of joint local partners to open franchisees throughout Korea. As the first franchise store, tens of thousands of merchants in South Korea, the largest convenience chain store in Korea, can use “flash paymentâ€.
Nowadays, South Korea has become a “land of competition for all major payment companiesâ€. The competition is fierce. The industry believes that the reason is “distance, market and shoppingâ€.
In fact, influenced by Korean popular culture, South Korea's cosmetics, clothing and other products are favored by Chinese consumers because of its high quality and low price, and closer to the needs of the oriental people. At the same time, the simplification of South Korea's tourist visas, coupled with short distances from major cities in China, and even close to many domestic cities, has gradually replaced South Korea as one of the favorite shopping destinations for Chinese tourists.
Data from Ant Financial Services show that during the Golden Week this year, mainland Chinese tourists used Alipay in Korea, and the total transaction amount accounted for 35% of the overall overseas market. Moreover, both in terms of the number of transactions and the total amount, they are the highest in all overseas markets (including Hong Kong, Macao and Taiwan), which greatly surpassed Hong Kong, which won last year. At the same time, the per capita consumption is also close to 1,800 yuan, ranking the highest in Asia.
According to data from a credit card company in South Korea, the amount of foreigners spending in South Korea last year was 7.8 trillion won (about 46.7 billion yuan), of which the amount of consumption from Chinese tourists reached 3.7518 trillion won, accounting for nearly five. to make. South Korean financial industry sources told the "First Financial Daily" reporter that if the scope is narrowed down to the duty-free shops, department stores and other formats that Chinese tourists like, then the ratio is likely to be as high as 80% or even 90%.
"It is more convenient than the payment method in Korea"
South Korea’s shopping malls, hotels, and even some roadside stalls, with “Alipay†for “sweepingâ€, have long been nothing new; in the process, the inconvenience and risk factors caused by the cumbersome money exchange process have been omitted. It has become the new favorite of Chinese tourists to buy and buy in Korea, and has been favored by Korean merchants and credit card companies.
The CU convenience store, one of the three major convenience chain stores in Korea, has supported Chinese payment methods such as Alipay and UnionPay card payment since last year. In an interview with reporters, Jin Mingjun, the person in charge of the chain sales management, exclaimed "Chinese tourists." The contribution to sales is getting higher and higher."
Jin Mingjun provided a set of data to reporters: From January to April this year, under the influence of the domestic domestic demand downturn, the total sales in the same period only increased by less than 10%. However, the sales of Chinese tourists using Chinese payment methods during the same period year-on-year. It has increased by 50.8%.
Jin Mingjun said that he is planning to cooperate with Chinese payment companies to jointly launch promotional activities for Chinese tourists; and plans to launch POS machines that can display Chinese in time to facilitate Chinese tourists to shop.
This phenomenon is not only happening in the large shopping chain such as CU, but in some small individual merchants, this sales “miracle†is also happening.
For Jin Mingzhe, who opened a restaurant in the “Lanyan Road†in Gangnam-gu, Seoul, when he started to use the “Alipay†scan code payment, he often made some mistakes.
"Because I have not been exposed to similar payment methods in Korea before, there are occasional operational errors. Every time the customer finds more deductions, I have to apologize and refund the customer." Jin Mingzhe said.
However, with the increase of Chinese tourists in the store, Jin Mingzhe has now “self-defeating†more than anyone can skillfully operate Alipay. According to his estimation, Chinese tourists who are going to his restaurant now, when they see the eye-catching “Alipay†logo, nearly 70% of the users will take out their mobile phones to complete the payment.
Jin Mingzhe also smiled and said: "And I found that Alipay is more convenient than the current payment methods in the Korean market - neither hardware nor bank restrictions, as long as an APP can quickly complete the payment, and feedback As a result, I believe that if (Alipay) is officially listed in South Korea, I will definitely be the first users."
A Korean tourism industry practitioner told this newspaper that among the Chinese tourists who traveled to South Korea in recent years, the popularity of a Wi-Fi router, commonly known as the "egg", has also become a "cardiotonic agent" for promoting electronic payments.
Xiu Ting, head of the global roaming company marketing department providing Wi-Fi router rental service, told reporters: "This year, during the Golden Week, we leased more than 30,000 Korean routers nationwide, which is nearly 300% higher than the same period last year. This growth trend is unprecedented in us."
South Korea’s financial industry exclaimed that "the wolf is coming"
The rapid development of Chinese payment companies in Korea, the feeling of the Korean financial industry is "to make people happy."
The joy is the growth of the revenue. Affected by the policy, although the penetration rate of credit cards in Korea is increasing, the credit card company's profit margin is rapidly declining due to the continuous decline in the handling fees of credit card payments and the continued sluggish domestic demand.
According to the data of the Korea Credit Union, due to the decline in fees, South Korea's large credit card companies will reduce at least 670 billion won; for this reason, many large credit card companies even expand their profits by selling contracted mobile phones.
In such a market environment, it is not surprising that a payment company from China has become a "seat guest" of a Korean financial company.
The worry is that South Korea itself lacks a payment system that competes with it. When the South Korean authorities issued a license to Alipay, the Korean financial industry exclaimed: China's payment company will occupy the Korean payment market, and the parallel name requires the government to lift restrictions and encourage Korean domestic companies to develop payment systems.
This worry is a bit redundant. According to the relevant laws of South Korea, Chinese payment companies can only provide payment services to Chinese tourists visiting Korea in cooperation with Korean financial companies with relevant qualifications.
What is hardly known is that when Chinese payment companies just wanted to enter the Korean market more than a decade ago, they encountered a "cold encounter" among Korean credit card companies.
A South Korean financial industry source told reporters that the UnionPay card hopes to develop overseas markets. Although it has been engaged in sawing negotiations with many credit card companies in South Korea, it is very difficult because South Korea is interested in UnionPay cards and even Chinese tourists. According to the source, in this case, UnionPay cards eventually cooperated with the BC card company, a credit card company established by a number of Korean banks, and they exclusively carry out the fund settlement business of UnionPay cards in Korea.
With the deterioration of relations between South Korea and Japan, the arrival of Chinese tourists with a stronger willingness to shop has changed the views of South Korea. According to the statistics of relevant Korean institutions, the number of Chinese tourists visiting Korea officially surpassed Japanese tourists in 2012 and became the largest source of tourists in Korea. As early as 2010, the per capita consumption of Chinese tourists exceeded Japanese tourists. Today, the per capita consumption of Chinese tourists is US$1990, which is much higher than that of tourists from developed countries such as Japan and the United States.
In addition, with the 80s and 90s, the younger generation familiar with electronic payment has gone abroad, and the demand for self-guided travel to Korea has been increasing.
According to him, although the per capita absolute consumption of Chinese tourists visiting Korea has declined slightly due to the popularity of self-help travel, this is precisely the condition for Chinese payment companies to compete for a larger market in Korea. "However, after all, there is no support from the Korean domestic market. The products and industries purchased by tourists are relatively limited, which is also very susceptible to the big environment." He analyzed without fear.
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