Core Insights - The inbound tourism in China is thriving during the 2025 National Day holiday, driven by visa-free policies, tax refund conveniences, and mobile payment services like Alipay, enhancing holiday consumption vitality [1][8] Group 1: Inbound Tourism Trends - In the first five days of the National Day holiday, the spending of global inbound tourists using Alipay increased by nearly 40% compared to the same period last year [1] - The use of Alipay's "tap to pay" feature by foreign tourists saw a staggering 500% year-on-year increase [1] - Popular spending categories among inbound tourists included dining, tourism, offline retail, and transportation, with retail spending via Alipay increasing over 200% year-on-year [1] Group 2: Popular Destinations and Spending Patterns - The top ten cities for international tourists using Alipay for purchases during the holiday were Guangzhou, Shanghai, Shenzhen, Beijing, Jinhua, Zhuhai, Foshan, Hangzhou, Suzhou, and Dongguan, with Guangzhou seeing a 70% increase in Alipay spending [2] - Major shopping districts favored by foreign tourists included Pudong Airport, Shanghai Bailian Outlets, Nanjing Road, and CDF Sanya International Duty-Free City, with new hotspots like Shanghai First Food South Dong Flagship Store and Shenzhen Kaledo showing the fastest growth in spending [4] Group 3: Tax Refund Innovations - To facilitate global tourists, Alipay launched an innovative "tap to refund" service in major cities like Beijing, Shanghai, and Shenzhen, enhancing the convenience of tax refunds and increasing consumer willingness [6] - The number of "tap to refund" transactions in Shenzhen surged by 70% compared to September during the holiday [6] - Tourists expressed high satisfaction with the efficiency of the "tap to refund" service, highlighting its advanced and convenient nature [6]

Core Insights - The inbound tourism in China is experiencing significant growth, driven by visa-free policies, tax refund conveniences, and the popularity of mobile payment services like Alipay [1][3] - Foreign tourists are increasingly familiar with mobile payment methods, with a notable increase in Alipay usage during the recent National Day holiday [1] Group 1: Inbound Tourism Growth - During the first five days of the National Day holiday, the spending of global inbound tourists using Alipay increased by nearly 40% compared to the same period last year [1] - The amount spent by foreign users through the "tap" feature of Alipay surged by 500% year-on-year [1] - The retail sector saw a significant uptick, with Alipay payments in retail brands by inbound tourists rising over 200% compared to last year [1] Group 2: Popular Destinations and Spending Patterns - The top ten cities for mobile purchases by international tourists in China include Guangzhou, Shanghai, Shenzhen, and Beijing, with Guangzhou seeing a 70% increase in Alipay spending from last year [1] - The most favored shopping districts for foreign tourists using the "tap" feature are located in major cities, including Shanghai and Shenzhen, with notable growth in spending in new shopping areas [3] Group 3: Tax Refund Innovations - Alipay has introduced an innovative "tap to refund" service in collaboration with tax authorities and other partners in major tourist destinations, enhancing the convenience for foreign tourists [3] - The number of "tap to refund" transactions in Shenzhen increased by 70% from September to October [3] - Tourists have expressed high satisfaction with the efficiency and convenience of the new tax refund service [3]

Core Viewpoint - Ant Group's CEO, Han Xinyi, highlighted that the Chinese mobile payment sector is entering a new innovation cycle driven by technological advancements, regulatory empowerment, and innovative practices, aiming to enhance service for the real economy and achieve high-quality development [1][2] Group 1: Historical Development of Alipay - Alipay has undergone three innovation cycles over its 20-year history, starting in 2004 with the rise of online payments facilitated by the popularity of PCs, which significantly reduced trust and usage barriers in online transactions, thus promoting e-commerce growth [1] - Around 2011, the mainstream adoption of smartphones and 3G networks led to the emergence of mobile payment methods such as barcode and facial recognition payments, which simplified mobile transactions and reduced costs, achieving an 86% coverage rate in China, the highest globally [1] Group 2: Future Innovations in Payment - Starting in 2024, the maturity of NFC-enabled devices, smart cabins, smart glasses, and AI agents will shift service entry points, introducing new payment experiences like "tap," "look," and "AI payment," which align with current demands and will foster the AI industry ecosystem [2] - The "tap" feature allows users to make payments by simply tapping their NFC-enabled phones on payment devices, which is particularly beneficial for elderly individuals, visually impaired users, and foreign tourists, resulting in an increase of 100 million users in the last four months, surpassing a total of 200 million [2] - The "look" feature enables payments through smart glasses, allowing users to verbally confirm payment amounts while interacting with QR codes or payment devices, addressing the needs of users who cannot use their hands [2] - "AI payment" encompasses a range of services designed for the AI era, including "Payment MCP service," "AI tipping service," and "AI pay," catering to new payment scenarios involving AI tools and intelligent agents [2] - The new payment experiences aim to make transactions as natural as human communication, creating a comprehensive ecosystem involving hardware supply chains, smart terminals, service providers, and merchants, fostering continuous innovation among ecosystem partners [2]

Group 1 - Alipay's "Tap" feature has surpassed 200 million users, achieving a record of gaining 100 million new users at double the previous speed [1] - The number of scenarios where "Tap" can be used has exceeded 1,000, with nearly 100 million users utilizing multiple "Tap" services, establishing it as a new entry point for platform services [1] - The "Tap" feature has redefined the payment experience through technological innovation and scenario expansion, marking a milestone in the mobile payment sector [1] Group 2 - The success of "Alipay Tap" has created a complete ecosystem involving software development, hardware manufacturing, mobile phone manufacturers, service providers, brand merchants, and industry scenarios [1] - The growth of the "Tap" model is supported by self-controlled Chinese manufacturing, which drives continuous iteration of domestic consumption scenarios [1] - The interplay between the "Tap" model, Chinese manufacturing, and the evolution of consumption scenarios fosters stronger internal innovation development momentum for Alipay [1] Group 3 - Related A-share concept stocks include Lakala and Newland [2]

Core Viewpoint - Leading payment institutions Alipay and WeChat Pay are actively exploring innovative payment products in the mobile payment sector, focusing on biometric identification technology to enhance payment experiences [1][2]. Group 1: Innovations in Payment Technology - WeChat Pay has introduced iris XR technology, combining high-security iris recognition with extended reality (XR) devices for seamless and secure identity verification and payment services in mixed reality environments [1]. - Alipay has partnered with Rokid to launch smart glasses payment, allowing users to complete payments directly through smart glasses, enhancing convenience in situations where using a mobile phone is impractical [1]. Group 2: Market Trends and User Adoption - Alipay's "Tap to Pay" feature, launched last year, has rapidly gained popularity, with over 100 million users and deployment in more than 400 cities across China [2]. - The competitive landscape among payment institutions is intensifying, prompting companies to innovate in wearable and contactless payment solutions to capture new market segments [2]. Group 3: Policy and Industry Implications - The Chinese government is encouraging payment institutions to transition towards functionality, security, and inclusivity, as outlined in the March 2024 policy document aimed at optimizing payment services [2]. - Innovations in mobile payment products are seen as a means to enhance financial service quality, improve accessibility for special groups, and support the global competitiveness of China's mobile payment technology [3].

Core Insights - The implementation of the 240-hour visa-free transit policy has significantly boosted foreign tourist spending in China, with a notable increase in the use of mobile payment services like Alipay [1][2] - During the first three days of the May Day holiday, foreign tourists using Alipay spent 180% more compared to the previous year, with a nearly 50% increase in spending from users of the 240-hour visa-free countries compared to April [1][2] Group 1 - The "Buy Now, Refund Later" tax refund convenience has enhanced the shopping experience for foreign tourists, leading to a surge in consumption [1] - Various Chinese manufactured products, including cultural souvenirs, clothing, and electronics, have become popular among foreign visitors, particularly in markets like Yiwu and Shenzhen [1] - Alipay's new service, "Alipay Tap," has made shopping easier for foreign customers, reflecting the rapid innovation in China's mobile payment landscape [1] Group 2 - Major cities such as Shanghai, Beijing, and Guangzhou have emerged as the top destinations for foreign tourists using the "Tap" payment method during the May Day holiday [2] - Alipay's "Travel China Service Plan" aims to enhance the overall experience for inbound tourists, facilitating shopping, dining, and tax refund processes [2] - The "Tap" payment method has been widely adopted in over 400 cities across China, indicating a strong trend towards mobile payment solutions among international visitors [2]

一个月后的 7 月 8 日，这项服务在全国 6 个城市正式上线，并凭借便捷新奇的体验迅速风靡。 2025 年 4 月 24 日，杭州，支付宝公布了"碰一下"最新数据：仅用 321 天就实现了用户破亿，创下中国移动支付普及速度新纪录——远超扫码支 付的 30 个月和刷脸支付的 15 个月。并且，与传统 NFC 支付不同，"碰一下"的应用已突破了支付范畴，延伸至点餐、开门、骑行等超 300 个细 分场景。 编者按： 在扫码支付日益普及的今天，"支付宝碰一下"的诞生不是偶然，它得益于中国 86% 的移动支付覆盖率和手机 NFC 功能的普及。中国移动 支付行业的新故事正在徐徐展开，这场从芯片到场景的全产业链共振，也将给中国数字经济带来新活力。 2024 年 6 月 7 日，上海，"支付宝碰一下"诞生了第一笔交易。 "碰一下"的爆发并不是偶然。中国移动支付 86% 的高渗透率，叠加市面主流手机 NFC 功能的普及等，为其顺势而生铺平了道路。 "碰一下"的创新并非单点创新，这背后，产业链的核心成员，以支付宝、蓝思科技、复旦微电子、奥比中光、商米等为代表的"中国新一代支付军 团"正悄然崛起，成为推动"碰一下"规模化落地和新 ...

Group 1 - The core idea of the news is the rapid adoption and expansion of Alipay's "Tap to Pay" feature, which has reached over 100 million users in less than a year, with a significant portion being young people under 30 [1] - "Tap to Pay" has been integrated into over 400 cities and more than 10 million merchants, extending its application from payment to various scenarios such as dining, door access, cycling, and hotel check-ins, covering around 300 different use cases [1] - The acceptance rate of mobile payment innovations is accelerating, with "Tap to Pay" achieving 1 million users in just 321 days, compared to 30 months for QR code payments and 15 months for facial recognition payments [1] Group 2 - Ant Group's CEO announced plans to accelerate technological and product innovations for "Tap to Pay," aiming to enhance user experience and expand application scenarios, with a commitment of 10 billion yuan in resources to support the ecosystem [1] - The NFC chip, developed in collaboration with Fudan Microelectronics, is the core component of the "Tap to Pay" device, with the first batch of over 10 million orders expected to be produced in the second half of the year [2] - A new chip for applications beyond payment is also in development, with anticipated orders expected to exceed 100 million [2]