Latest news with #WeixinPay
Business Times
06-05-2025
- Business
- Business Times
Chinese holiday spending inches up but trade war weighs on services
[BEIJING] Chinese travellers' spending rose 8 per cent year-on-year during the May Day holiday to 180.27 billion yuan (S$32.2 billion), but was still off pre-pandemic levels, while the country's services activity expanded at the slowest pace in seven months in April. The May Day holiday, one of the country's longest, is closely watched as a barometer of Chinese consumer confidence. Consumption in the world's second-largest economy has suffered amid a sputtering economy and prolonged property crisis, while the fallout from the US-China trade war is set to deepen the pain. China's tourism ministry recorded 314 million domestic trips during the holiday, an increase of 6.5 per cent, while the number of transactions using Weixin Pay, a popular payments app, rose by more than 10 per cent year on year, with a notable increase in restaurant spending. But total spending per head over the five-day May holiday period, a typically busy time for family travel, rose just 1.5 per cent to 574.1 yuan, Reuters calculations based on official data showed. It remains below 2019 levels when per capita spending was 603.4 yuan. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Cinemas suffered a significant drop in ticket sales, with the box office haul over the five-day holiday at 747 million yuan, only about half of the same period in 2024. Growth slackening Meanwhile, China's services sector saw new order growth slacken from March, weighed by uncertainty caused by US tariffs, a private sector survey showed on Tuesday. Despite stronger-than-expected economic growth in the first quarter, supported by government stimulus, China's economy continues to face persistent deflationary risks. The Caixin/S&P Global services purchasing managers' index (PMI), fell to 50.7 from 51.9 in March, its lowest reading since September. The 50-mark separates expansion from contraction. This was broadly in line with China's official survey, which showed services activity easing to 50.1 from 50.3 in the previous month. The Caixin PMI is considered a better read of trends among more export-oriented and smaller firms. The Caixin services survey showed new business growth slowed to its weakest since December 2022, though export orders edged up slightly, partly due to a tourism recovery. The drop in the Caixin PMI provides 'further evidence that the trade war is weighing on economic activity in China, even beyond the manufacturing sector,' said Zichun Huang, China economist at Capital Economics. 'While some caution is clearly warranted, we suspect that firms are overestimating how much damage US tariffs will do,' she said. About 48 per cent of employees in China worked in the services industry in 2023 and the sector contributed 56.7 per cent to total GDP last year. But US President Donald Trump's trade actions may hit the manufacturing sector hard and hurt business hiring plans and consumer confidence. Business sentiment in the services sector grew at the slowest pace since February 2020, with companies citing US tariffs as a major concern. Service providers cut jobs for the second straight month to curb costs, leading to a rise in work backlogs, pushing the corresponding gauge into expansionary territory for the first time this year. Firms also reduced prices to attract customers despite higher input costs. REUTERS
Yahoo
06-05-2025
- Business
- Yahoo
Chinese holiday spending inches up but trade war weighs on services
By Casey Hall and Liangping Gao BEIJING (Reuters) -Chinese travellers' spending rose 8% year-on-year during the May Day holiday to 180.27 billion yuan ($24.92 billion), but was still off pre-pandemic levels, while the country's services activity expanded at the slowest pace in seven months in April. The May Day holiday, one of the country's longest, is closely watched as a barometer of Chinese consumer confidence. Consumption in the world's second-largest economy has suffered amid a sputtering economy and prolonged property crisis, while the fallout from the U.S.-China trade war is set to deepen the pain. China's tourism ministry recorded 314 million domestic trips during the holiday, an increase of 6.5%, while the number of transactions using Weixin Pay, a popular payments app, rose by more than 10% year on year, with a notable increase in restaurant spending. But total spending per head over the five-day May holiday period, a typically busy time for family travel, rose just 1.5% to 574.1 yuan, Reuters calculations based on official data showed. It remains below 2019 levels when per capita spending was 603.4 yuan. Cinemas suffered a significant drop in ticket sales, with the box office haul over the five-day holiday at 747 million yuan, only about half of the same period in 2024. GROWTH SLACKENING Meanwhile, China's services sector saw new order growth slacken from March, weighed by uncertainty caused by U.S. tariffs, a private sector survey showed on Tuesday. Despite stronger-than-expected economic growth in the first quarter, supported by government stimulus, China's economy continues to face persistent deflationary risks. The Caixin/S&P Global services purchasing managers' index (PMI), fell to 50.7 from 51.9 in March, its lowest reading since September. The 50-mark separates expansion from contraction. This was broadly in line with China's official survey, which showed services activity easing to 50.1 from 50.3 in the previous month. The Caixin PMI is considered a better read of trends among more export-oriented and smaller firms. The Caixin services survey showed new business growth slowed to its weakest since December 2022, though export orders edged up slightly, partly due to a tourism recovery. The drop in the Caixin PMI provides "further evidence that the trade war is weighing on economic activity in China, even beyond the manufacturing sector," said Zichun Huang, China economist at Capital Economics. "While some caution is clearly warranted, we suspect that firms are overestimating how much damage U.S. tariffs will do," she said. About 48% of employees in China worked in the services industry in 2023 and the sector contributed 56.7% to total GDP last year. But U.S. President Donald Trump's trade actions may hit the manufacturing sector hard and hurt business hiring plans and consumer confidence. Business sentiment in the services sector grew at the slowest pace since February 2020, with companies citing U.S. tariffs as a major concern. Service providers cut jobs for the second straight month to curb costs, leading to a rise in work backlogs, pushing the corresponding gauge into expansionary territory for the first time this year. Firms also reduced prices to attract customers despite higher input costs. ($1 = 7.2354 Chinese yuan) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
09-04-2025
- Business
- Yahoo
PayPal's Xoom partners with Tenpay Global to offer cross-border remittances to Weixin
New collaboration enables convenient and secure remittances to Weixin Pay users in China SINGAPORE, April 9, 2025 /PRNewswire/ -- Starting today, Weixin Pay users can now receive cross-border transfers from Xoom, a PayPal service and a pioneer in digital remittances. This new partnership between Tenpay Global, Tencent's cross-border payment platform, and Xoom allows Weixin Pay users to receive money directly into their Weixin Pay Wallet Balance or bank accounts linked to Weixin Pay through Xoom or PayPal's mobile app and website. Xoom and PayPal users in United States, Canada and Europe can now access reliable and affordable cross-border money transfers to their own or family members' Weixin Pay accounts, with additional countries to come in the future. Weixin Pay users can receive the funds frictionlessly, typically in as fast as a few minutes, for flexible use within the Weixin app for transfers, top-ups and shopping. "Xoom has long been known as a fast, easy, inexpensive way to send money to friends and family across borders - and now, being able to send funds to Weixin Pay users from the US, Canada and Europe, we're continuing to connect users wherever they might be and for what they might need funds for," said Paul Bances, Vice President of Market Development for Xoom. "This partnership reaffirms Tenpay Global's commitment to not only bridging the Weixin ecosystem with the global markets but also enhancing user value through streamlined and secure cross-border remittances. By addressing everyday needs—from family support to daily expenses—we aim to create meaningful value in our users' lives beyond mere transactions," said Wenhui Yang, CEO of Tenpay Global (Singapore). The service is now live and available through the Xoom and PayPal mobile app. Users may also visit or to start the remittance experience. About Xoom A pioneer in digital remittances, Xoom is a fast and easy way to send money, pay bills and reload phones for friends and family in approximately 160 countries globally. With Xoom, customers can access a fast and reliable way to send money, by simply downloading the Xoom or PayPal mobile app, or visiting or About Tenpay Global Tenpay Global, the cross-border payment platform of Tencent, is the gateway to seamless cross-border payment solutions for businesses and individuals. Tenpay Global offers scenario-based services for different customer groups, including cross-border consumption, cross-border remittances, and cross-border commerce scenarios. Together with global partners, Tenpay Global is committed to bridging the world's payment networks with Weixin's ecosystem in China. SOURCE Tenpay Global Sign in to access your portfolio
Yahoo
21-02-2025
- Business
- Yahoo
Shift4 enters $2.5bn deal to buy Global Blue
Integrated payments company Shift4 has agreed to acquire Swiss payments and technology firm Global Blue for $7.50 per common share in cash. The offer marks a 15% premium over Global Blue's closing share price as of 14 February 2025, valuing the company at nearly $2.5bn. Shift4 intends to use cash on hand and a 364-day $1.795bn bridge loan facility to fund the deal. With 40 years of experience, Global Blue operates at the intersection of travel and luxury retail across Europe, Asia, and South America. It is known for its two-sided network, connecting millions of international shoppers with merchants through its proprietary app. The deal will see Global Blue's merchant solutions integrated into Shift4's global payments platform, aiming to provide an enhanced experience for merchants. This includes the addition of tax refund and currency conversion capabilities, which are expected to strengthen Shift4's position as a vendor and partner. In addition, Shift4 has said that two of Global Blue's current shareholders, Ant International and Tencent, are considering partnerships with Shift4 and intends to remain shareholders in the merged entity. These partnerships may include the distribution of Alipay+ and Weixin Pay, expanding payment options within the Shift4 ecosystem. Upon finalisation, Global Blue's stocks will be delisted from public exchanges, and warrant holders can exercise their warrants before their August 2025 maturity. The deal is slated for completion in the third quarter of 2025, pending regulatory approvals, standard closing conditions, and a minimum tender requirement. Goldman Sachs is Shift4's financial advisor for the transaction, with Latham & Watkins and Loyens & Loeff N.V. providing legal counsel. J.P. Morgan Securities is Global Blue's lead financial advisor, alongside a team of financial advisors and legal counsel from various firms. Shift4 president Taylor Lauber said: 'This acquisition continues a bold tradition of introducing transformative capabilities to exceptional customers along with a massive embedded cross-sell opportunity. It fits perfectly in the Shift4 playbook: delivering an enormous volume conversion opportunity while unlocking significant new revenue opportunities and capabilities that open entirely new markets for us.' Global Blue CEO Jacques Stern stated: 'Uniting with Shift4 represents the next phase of Global Blue's growth journey, enhancing our integrated value proposition to our marquee merchants globally. Most importantly, we're excited, alongside Shift4, to continue our track-record of innovation to deliver better experiences for all stakeholders in the shopping ecosystem.' Shift4 has reported a net income of $139.3m for the fourth quarter of 2024. Its annual profit stood at $294.5m, up from $122.9m in 2023. "Shift4 enters $2.5bn deal to buy Global Blue " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
