China’s big two digital wallets jostle for travellers’ tax refund revenue

Wednesday, 09 Oct, 2019 0

China’s top two mobile payment platforms are facing off to capture the $30 billion market in unclaimed travel spending tax refunds.

Few companies have focused on this ‘hidden’ economy and travelers themselves are losing out on reclaiming tax refunds due to the laborious paperwork involved at airports.

A recent study by Taxback International estimates up to $30 billion is going unclaimed annually in VAT refunds.

Fierce rivals Alipay and WeChat Pay are competing to offer streamlined paperless refund services to Chinese tourists.

The Alipay mobile app lets users scan their tax refund receipts within 90 days via the app to receive instant refunds.

"This will both save time and make it easier to claim funds … and skip in-city and airport tax refund counters," said Danny Chung, general manager of Alipay Korea.

Meanwhile WeChat Pay has partnered with Swiss firm Global Blue to offer instant tax refunds for Chinese tourists departing from Madrid airport.

It is part of the We Tax Refund service which refunds back to a WeChat wallet, and is currently available so far at abut 85 airports.

WeChat is also exploring tech to offer instant refunds in stores overseas. Last year Chinese nationals made nearly 150 million outbound trips, up nearly 15 percent.

below social share icons

TravelMole Editorial Team

Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.

Global Hotel Alliance brings together a unique collection of independent hospitality brands for GHA DISCOVERY, a multi-brand loyalty programme. GHA...

Nium was founded on the mission to build the global payments infrastructure of tomorrow, today. With the onset of the on-demand...

Welcome to Qatar Airways Qatar Airways is proud to be one of the youngest global airlines to serve all...

Our Mission Ecommerce has transformative powers, and we believe everyone should be able to take part. But outdated solutions and...

This is Jersey. An island shaped by the sea where some of the most astonishing tides in the world circle...

We understand the importance of personal touch We do things a bit differently at Eventsquid. We know that we could...

Palladium Hotel Group is a renowned Spanish hotel chain that first emerged towards the end of the 1960s. Currently present...

Discover Punta Gorda/Englewood Beach, also known as the Charlotte Harbor Gulf Island Coast. This natural wonderland is nestled in the...

In 2019, Buffalo Tours and Olympus Tours joined the Flight Centre Travel Group (FCTG) family and formed Discova. With the...

Destination British Columbia (Destination BC) is a Provincially funded, industry-led Crown corporation that supports a strong and competitive future for BC’s...

Greater Fort Lauderdale’s assortment of adventures awaits you. Whether you want to relax on the beach as the sound of...

Swallows and Amazons is a Brazilian adventure tour company run by the husband and wife team of Tania and Mark...

Travel Outlook, the premier hotel call center™ Travel Outlook is an innovative, custom off-site central reservations office (CRO) service that...

We make travel accessible for everyone We believe everyone should be free to experience the world. For us, there’s no...

Discover Sarawak Revealing a side of Asia unlike anywhere else, Sarawak offers an alternative for those seeking humble authenticity far...

Blue Diamond Resorts consistently goes above and beyond guest expectations by delivering groundbreaking vacation experiences through our exceptional collection of...