Expanding Cross-Border Digital Payments: Alipay+ Welcomes E-Wallets from Across Asia
In a significant move that enhances cross-border digital commerce, Alipay+ has opened its doors to a range of e-wallet providers from Malaysia, Mongolia, Singapore, South Korea, Thailand, Hong Kong SAR, and Macao SAR. This collaboration spans a population of 175 million users, allowing them to make mobile payments in mainland China through Alipay’s extensive merchant network.
The Cross-Border E-Wallet Alliance:
Users of e-wallets such as mPay, Hipay, Changi Pay, OCBC, Naver Pay, Toss Pay, AlipayHK, Touch ‘n Go eWallet, Kakao Pay, and True Money can now seamlessly access Alipay’s merchant network for mobile payments while in mainland China. This initiative not only fosters greater convenience for travelers but also introduces a wide range of rewards and deals through select e-wallet companies that have access to Alipay+ offerings.
Douglas Feagin’s Vision:
Douglas Feagin, the Senior Vice President of Ant Group and Head of Alipay+ Cross-Border Mobile Payment Services, expressed the group’s commitment to invest more deeply in payment and digital marketing technologies. He emphasized the goal of supporting partners and merchants in achieving robust, omni-channel growth. This initiative is a testament to Alipay’s ambition to create a thriving ecosystem of cross-border digital commerce, encompassing various mobile payment providers, banking apps, independent merchant apps, and super-apps.
Alipay+ Growth and Success:
The expansion of the said company reflects its remarkable growth within the cross-border ecosystem. Pilot A+China wallets, including Kakao Pay, Touch ‘n Go eWallet, and AlipayHK, witnessed a substantial increase in total payments between March and August 2023, with the number of payments growing an impressive 47 times its initial total. This growth underscores the increasing preference for digital payment solutions and the convenience they offer to users.
Empowering Travelers and Businesses:
The the said company program not only empowers travellers by allowing them to use their familiar digital wallet apps while in China but also enables them to link their international cards to Alipay. This functionality provides users with the convenience of making mobile payments and utilizing digital services while in China, eliminating the need for cash transactions.
Eric Jing, Chairman and CEO of Ant Group, expressed his enthusiasm for the regional multi-party partnership. He highlighted the positive impact it has on travelers who can now enjoy greater choice and convenience while small businesses thrive in cross-border commerce. He emphasized the shared mission to make the world a better place through the power of digital technologies.
Kakao Pay’s Strategic Expansion:
Won-Keun Shin, CEO of Kakao Pay, noted the inconveniences faced by both merchants and users when carrying cash while traveling in China, a country where mobile payments are prevalent. The collaboration the said company is a strategic move to address this challenge. Kakao Pay’s partnership with Alipay+ began in 2018 and has now expanded through cooperation with multiple global wallets from Southeast Asia, Europe, the Americas, and Oceania. This expansion aligns with Kakao Pay’s core strategy to build an overseas payment infrastructure in various regions worldwide.
Enhancing Cross-Border Payment Experiences:
Monsinee Nakapanant, Co-President of Ascend Money Co., Ltd., the operator of TrueMoney, emphasized the significance of their cooperation with the said company. This partnership marks a significant milestone in streamlining cross-border payments, making it as effortless internationally as it is domestically for users. TrueMoney’s collaboration with Alipay+ is particularly valuable for Thai business and leisure travelers, who often visit China. As the Hangzhou Asian Games approach, TrueMoney aims to offer the convenience of cashless experiences for Thai travelers in China, helping them overcome challenges posed by traditional payment methods.
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In conclusion, the collaboration between Alipay+ and e-wallet providers from across Asia is a significant step towards enhancing cross-border digital commerce and offering travelers a seamless payment experience. This expansion not only empowers users but also bolsters small businesses operating in cross-border trade. With the collective vision of making the world a better place through digital technologies, Alipay+ and its partners are poised to continue innovating and transforming the way we transact in the global marketplace.