CHINESE MOBILE WALLETS TO HELP SPEED UP VISA APPLICATIONS

CHINESE MOBILE WALLETS TO HELP SPEED UP VISA APPLICATIONS

14 July, 2015 - Uncategorised

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China’s mobile wallet payment system Alipay, owned by e-commerce giant Alibaba, announced last month the launch of a user credit rating system called Sesame Credit. The credit rating system is now being used to help Chinese tourists speed up their visa applications for foreign travel.

Xinhua (Chinese only) reports that a scheme is now being beta tested in Singapore and Luxembourg with hopes to roll it out to Japan, South Korea and the UK in the future. Normally when applying for a foreign visa Chinese tourists have to submit a mountain of financial information which can be both time consuming and a headache. In the past some countries even required China tourists to pay a VISA deposit of up to £1,000 to the China embassy of the country they were visiting and was refundable only on their return to China. With the new Alipay scheme, users with a Sesame Credit score of at least 700 for a Singapore Visa or 750 for Luxembourg Schengen Visa, can simply submit this in lieu of financials. Thus greatly speeding up the applicationa and processing time.

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This is the latest novel scheme to help expedite China’s growing outbound tourism market, which will number over 107million this year. Mobile payments have grown exponentially in China in the coming years, growing from virtually nothing in 2008 to processing nearly £423billion last year (Off which Alipay has a 70% market share) for everything from e-commerce purchases, utility bill payments and even to pay for takeaway deliveries. This is well ahead of the UK’s £5billion mobile payment transactions last year, which has yet to launch ApplePay and is expected to only grow to £14billion by 2018.

For more specific information relating to Chinese mobile payments and Alipay, please contact Steven Bywater. E-mail: s.bywater@wei-ukconsulting.com or give us a call on +44 (0)2036423899.