The Hangzhou Asian Games has become a boon for private economies, from pancake vendors to badge manufacturers, invigorating both domestic and international consumption.
One such beneficiary is a vendor surnamed Wu, who runs a scallion-stuffed pancake shop by the roadside. Thanks to the Games, Wu's modest business has turned into an international sensation, drawing hordes of foreign visitors to savor the delectable pancakes.
Wu has already achieved half of her sales goal, and her business, of which the cross-border transfer could be a headache, has been simplified by technological upgrades as she now uses Alipay to process payments.
Starting from late July, international travelers can link cards issued by Visa or Mastercard to their Alipay wallet. As per data from Alipay, the applications of QR code for business have increased tenfold in recent days.
The Games has also unleashed a craze of badges, as collecting and exchanging them has become a major pastime for athletes, volunteers, reporters, and residents. Alipay's limited-edition badges have emerged as particularly sought-after items.
Over 80 percent of these badges, in fact, were crafted in Jinxiang town of Wenzhou, a city southeast of Hangzhou. The manufacturer, named Jinxiang Badge Factory, has developed over 200 types of badge products, including commemorative badges, lapel pins, and even magnetic stickers for fridges.
Beyond badges, other merchandise, such as the Alipay's Games-themed bag, whose producer is located in Longgang town in Wenzhou, has experienced a four-fold surge in terms of orders.
The average number of payments made by overseas tourists through Alipay has increased by 68.8 percent since the opening of the Asian Games, with Alipay+, the international version of Alipay, dealing with a substantial uptick in payment requests.
The Games has proven to be a significant catalyst for local economies. With mobile payment everywhere, the event is hailed for being environmentally-friendly and tech-savvy and demonstrates the impact of sporting events on the region's economy, especially for SMEs.
