Posted On 2015/07/09 By In Business, Branding, Consumer, News, China Outbound, Retail With 556 Views

Chinese Banks, Payment Gateways vying for Chinese Tourists in Korea

The China Construction Bank is focusing on the sale of its platinum credit card that provides a 5 to 15 percent discount at the Lotte Duty Free Shops in Korea. At the same time, the bank is planning to open an online shopping mall dedicated to Korean products next month so as to attract Chinese tourists interested in Korea. More than 70 Korean cosmetics vendors have already signed up for the shopping mall.

Many other Chinese IT companies are striving to win in Korea, too. Chinese-language ads for Alipay, Union Pay, and many more are easily found downtown in Seoul, especially in the Myeongdong and Euljiro areas.

Under the circumstances, duty-free shops and department stores in Korea are forming an increasing number of partnerships with Chinese companies. Alipay is available at both online and offline duty-free shops of Lotte. 7-Elevens and Lotte Department Stores brought in Alipay in April this year, too. At the duty-free shops, more than 55 billion won (US$48 million) was paid via Alipay in the first half of last year alone.

Tencent is increasing the number of its TenPay partners in Korea as well. Late last year, it was added as a payment method available on the Chinese-language version of the website Interpark. 7-Elevens, Shilla Duty-free Shops, and cosmetics shops are expected to follow the same way soon.


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Sources:

Article: Business Korea / Image: Uwe Schwarzbach

The China Construction Bank is focusing on the sale of its platinum credit card that provides a 5 to 15 percent discount at the Lotte Duty Free Shops in Korea. At the same time, the bank is planning to open an online shopping mall dedicated to Korean products next month so as to attract Chinese tourists interested in Korea. More than 70 Korean cosmetics vendors have already signed up for the shopping mall. Many other Chinese IT companies are striving to win in Korea, too. Chinese-language ads for Alipay, Union Pay, and many more are easily found downtown in Seoul, especially in the Myeongdong and Euljiro areas. Under the circumstances, duty-free shops and department stores in Korea are forming an increasing number of partnerships with Chinese companies. Alipay is available at both online and offline duty-free shops of Lotte. 7-Elevens and Lotte Department Stores brought in Alipay in April this year, too. At the duty-free shops, more than 55 billion won (US$48 million) was paid via Alipay in the first half of last year alone. Tencent is increasing the number of its TenPay partners in Korea as well. Late last year, it was added as a payment method available on the Chinese-language version of the website Interpark. 7-Elevens, Shilla Duty-free Shops, and cosmetics shops are expected to follow the same way soon. Learn more in our Global Ready China Seminars Sources: Article: Business Korea / Image: Uwe Schwarzbach

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About

Stefan

Stefan (from Austria, Europe) has been living, studying and working in China since 2010. Stefan has worked on several research, publication and consulting projects focusing on the China Travel Market. He holds three Masters degrees and is an expert on China Outbound Tourism, Marketing and Social Media in China. Stefan works with BMG on the Global Ready China Seminars as well as the Global Ready China News and related projects. He also has teaching engagements in the areas of eMarketing and Tourism Strategy.

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