WeChat Pay Witnesses Transaction Surge During ‘Golden Week’ Following China’s Economic Stimulus Measures

Tencent's WeChat Pay reports a surge in transactions during 'golden week' following China's major stimulus package. It seems that Chinese consumers are spending more freely following Beijing's announcement of several significant strategies to bolster the economy.

Referred to as Weixin Pay in mainland China, the digital payment platform reported a 20% annual increase in transaction volumes during the week-long holiday that concluded on Monday, as per the company's statement.

WeChat Pay reported that tourism-based payments almost increased twofold compared to the week prior to the holiday, with international payment volume seeing a rise of over 70 per cent. In particular, cities like Hong Kong and Macau experienced a doubling in international transactions from the preceding week, indicating their high popularity among tourists from the mainland.