Ant Financial, parent company of Chinese mobile wallet Alipay, recently announced several initiatives to accelerate Alipay’s global merchant acceptance network expansion, as well as the launch of its own services.
Building out both its services and Alipay’s network can allow Ant Financial to become more of a driving force in the Chinese digital payment space.
Alipay is partnering with SnapPay, a cross-border payment gateway, to become a payment option at FoodyMart, a Chinese grocery store chain in Canada. The partnership enables Chinese users to pay in currencies they’re familiar with, while allowing merchants to receive payments in their respective currencies.
Ant Financial launched a solution to streamline banks’ transition from transaction-oriented to consumer-oriented models. Ant Financial partnered with Hoperun Information Technology to launch the Distributed Core Banking Platform (DCPB), a banking product to allow financial institutions to transition their businesses to customer-centric banking models after piloting the service with several bank partners.
Alipay’s expansion can allow it capture more volume from Chinese tourists — 93% of whom would increase their spending if mobile payments were more widely available overseas — and cater to its massive global user base, which recently hit 1 billion users.
Source: Business Insider