After trying for years to replicate the success of its QR code-enabled payments solution overseas, Ant Group seems to have finally found a path to scaling. Instead of going after end users, the Alibaba-affiliated fintech giant has been quietly forming partnerships with local payments providers in Asia.
Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Ant’s Global Payment Aggregator Now Has 1 Billion Users
TechCrunch | Rita Liao | Nov 4, 2022
After trying for years to replicate the success of its QR code-enabled payments solution overseas, Ant Group seems to have finally found a path to scaling. Instead of going after end users, the Alibaba-affiliated fintech giant has been quietly forming partnerships with local payments providers in Asia.
- Ant dubs the payments processing network Alipay+ to distinguish it from Alipay, its consumer-facing wallet that has become ubiquitous in China. Alipay+ has integrated with 15 payment methods, allowing its partnered merchants to reach over one billion consumers, Angel Zhao, president of international business at Ant Group, said during the Singapore Fintech Festival on Thursday.
See: China’s Draft Anti-Monopoly Guidelines on Platform Economy
It’s built something akin to the Mastercard or Visa network for digital payments, allowing consumers to travel easily with their mobile wallet from home.
- To create a network effect, Alipay+ has been busy onboarding merchants. It’s supporting over 2.5 million businesses around the world today.
- A Filipino tourist visiting Japan, for instance, can pull up their GCash wallet and pay at a store that supports Alipay+ by scanning a QR code; they can also display their wallet’s QR code for the cashier to scan.
- a traveler from South Korea can pay at the store with Kakao Pay
- Malaysian tourist with Touch ‘n Go. All the while, Alipay+ has automatically calculated and done the currency conversion part.
- As of today, Alipay+ has integrated with the following payments providers in Asia:
- Akulaku Paylater (Indonesia)
- Alipay (Mainland China)
- AlipayHK (Hong Kong)
- Boost (Malaysia)
- The Bank of the Philippine Islands app (The Philippines)
- Dana (Indonesia)
- EZ-Linke Wallet (Singapore)
- HelloMoney by Asia United Bank (The Philippines)
- GCash (The Philippines)
- Kakao Pay (South Korea)
- Rabbit Line Pay (Thailand)
- TrueMoney Wallet (Thailand)
- Touch ‘n Go eWallet (Malaysia)
See:
Payments Canada Delays Launch of Real-Time Rails Again (without a timeline)
US-Euro Real-Time Payments Expected to Launch in 2022
X-Border Payments: European Central Bank Report says CBDCs Could Be ‘Holy Grail’
- China’s internet giants are never short of customer acquisition tactics: On the landing page of GCash, users can find an entry to a list of merchant deals provided that they pay with Alipay+. At Shein’s pop-up store in Manila, Alipay+ gives users a PHP 130 or $2 discount at checkout. Other Alipay+ partnering wallets across Asia have similarly incorporated these perks.
Continue to the full article --> here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
 |  |  |
Support NCFA by Following us on Twitter!Follow @NCFACanada  |
Related Posts
- Don Tapscott: Let’s crowdsource Canada
- Meet Freshii’s new $3.75 per hour ‘virtual cashier’
- Fintech startup looks to expedite tax-free shopping online for First Nations
- UK Digital sandbox – coronavirus (Covid-19) pilot
- A U.S. Perspective: Can Canadian Alternative Finance Contend?
- ‘We don’t have enough money’: Tech leaders debate constraints at Vancouver Startup Week
Leave a Reply