Alipay has mapped out new data on how it is facilitating the digitalization of service providers via digital coupons as they continue to resume regular business operations.
First launched at the start of July, the initiative has boosted the economy throughout the pandemic as the payment industry continues to digitalise.
The initiative, first launched on July 1, has attracted participation from over 10 million small and micro-businesses across China.
Participating in this initiative can serve as an important starting point for retailers and service providers to embrace digitalisation, according to Chen Guanhua, product manager for Alipay’s digital coupons initiative.
“Through this initiative, we hope to enable SMEs to tap into the power of digital technologies to enhance their operational efficiency and improve the customer experience,” said Chen.
“We find that businesses that readily embrace digitalization are often more resilient and able to weather disruptions and challenges that may come their way.”
Alipay’s digital coupon initiative enables merchants and shop owners to tap into the power of digital technology and embrace a more efficient way of operating and engaging with consumers. With just an Alipay QR code, micro-businesses and street vendors can sign up easily to participate in the digital coupon initiative and engage mobile-savvy consumers.
According to data from the People’s Bank of China (PBOC), SMEs account for over 90% of business entities in China and contribute to 80% of urban employment and 60% of Chinese GDP. Digital technology can play a pivotal role in helping small and micro businesses navigate and mitigate disruptions such as COVID-19.
