WeChat Pay HK's consumption by small and medium-sized enterprises in Hong Kong increased by 1.3 times year-on-year in the first five months

AASTOCKS
2025.06.13 02:24

Tencent (00700.HK) subsidiary WeChat Pay HK stated that in the first five months of this year, consumption among small and medium-sized merchants in Hong Kong increased by 1.3 times year-on-year. Additionally, during this year's "May Day" Golden Week, compared to the same period in 2019 before the pandemic, the transaction amount and number of transactions using WeChat Pay in Hong Kong increased by 1.38 times, with the number of customers rising nearly threefold.

Tencent's Vice President of Financial Technology, Hong Danyi, pointed out that many mainland visitors prefer in-depth travel experiences, making small and medium-sized merchants increasingly important for their travel experiences. He believes that as long as they can provide good service, they can achieve rapid consumption growth.

He mentioned that WeChat Pay HK currently has 150,000 merchants, with small and medium-sized merchants accounting for about 70%. This year, they will continue to support mainland travelers' consumption in Hong Kong, including offering favorable exchange rates to taxi drivers for payment collection, which will expand to all small and medium-sized merchants using "payment codes" in the second half of the year. Hong Danyi continued to state that they will continue to provide fee waivers to taxi drivers and small enterprises with annual collection amounts below HKD 500,000, and will also support the "Happy Shopping Festival" organized by the Hong Kong Retail Management Association, distributing coupons to travelers through WeChat Pay channels from July to August this year.

Amid the consumption boom of Hong Kong residents traveling north, Hong Danyi stated that in the first five months of this year, the number of transactions made by Hong Kong residents through the bank in mainland China increased by 1 time year-on-year. From the second half of last year to the first half of this year, WeChat Pay HK enabled payment collection codes for individuals in mainland China, allowing users to pay small merchants in all mainland cities in Hong Kong dollars

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