Novatti is pleased to report strong growth from its China-oriented digital payment services through the first two months of FY24. Gross Transaction Value from these Novatti services which include, ChinaPayments and Novatti BillPay, grew 67% in July and August 2023 when compared to the previous corresponding period 12 months ago.
After a challenging hiatus due to the pandemic, Australian shores are about to welcome back an influx of Chinese tourists. Chinese tour groups, which contributed $581 million to the Australian economy in 2019, are set to return for the first time since the pandemic began. The change comes after China’s Approved Destination Status (ADS) scheme reopened in August 2023.
As a leading digital payments company, Novatti has established itself as a preferred partner for Chinese migration and tourism agencies, with the tools to make this a seamless experience.
One of the critical factors that sets Novatti apart is our comprehensive suite of digital payment products, specifically tailored to cater to the specific needs of Chinese tourists and migrants. Novatti offers a wide range of payment processing services, including payment acceptance, digital wallets, and bill payments. Importantly, Novatti services allow Chinese tourists to make payments in their local RMB currency, while Australian vendors receive AUD, making transactions more convenient for both parties.
Novatti CEO, Mark Healy, commented, “Our China-oriented businesses have seen an increase in activity in the first few months of FY24, with Gross Transaction Value up approximately 67% from these digital payment services that cater for Chinese wallets.
“It’s a segment that Novatti has a strong presence in and will continue to service through our network of migration, tourism and education agencies by providing digital wallet integrations that ensure customers can seamlessly transact with Australian Dollars without the hassle of exchanging cash.”
Novatti is committed supporting Chinese tourists and migrants through its network of migration, tourism, and education agencies, providing digital wallet integrations that ensure customers can seamlessly transact with Australian Dollars without the need to exchange cash through foreign exchange stores or dealers.
There has already been a 111% increase in short-term arrivals from China in July this year, making China the second-largest source of international arrivals after New Zealand, according to Tourism Minister, Don Farrell.
The ADS visitor visa plays a crucial role in attracting Chinese tourists to Australia, allowing them to travel in guided groups without the need for organising individual travel bookings. The convenience of tour groups is particularly popular among Chinese residents due to language barriers.
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