Ant Group To Expand Alipay
To EU & Middle East

May, 2024

Vine Strategy


Ant Group To Expand Alipay To EU & Middle East

Ant Group, Chinese tech titan, Alibaba’s fintech subsidiary is poised to boost its Alipay+ mobile payments product’s global presence with an expansion into Europe and the Middle East.

Alibaba Group Holding Limited's fintech arm, Ant Group, is expanding its global footprint through Alipay+, a digital platform designed to streamline mobile payment apps across the world.

Seamless transactions

Launched by Ant Group's international division in 2020, Alipay+ connects users with mobile payment apps from their home countries through Alipay’s QR code network, enabling seamless transactions with local partners abroad. The facility leverages travelers’ preference for using e-wallets they know and trust instead of unfamiliar foreign apps.

1.5 billion consumer accounts

With this in mind, Alipay+ has expanded its network to 88 million merchants across 57 countries and regions, providing support for over 1.5 billion consumer accounts through more than 25 e-wallets and banking apps. Its partners include prominent digital payment platforms such as Singapore's SGQR and South Korea's ZeroPay.

Ant Group’s global expansion

Ant Group's initial focus on SE Asia spurred investments in Singapore's 2C2P and South Korea's Kakao Pay, aiding its global expansion. The company's reach has also extended to emerging markets like Sri Lanka and Cambodia, while partnerships in Europe include collaborations with Italy's Tinaba and Nexi, as well as Dubai Duty Free in the Middle East.

By targeting significant tourism markets like Japan, Thailand, and Singapore, Ant Group aims to grow its presence, with further expansion into European, Latin American, and Middle Eastern regions to broaden its merchant base.

Integrating global payment solutions

Previously, Mastercard Inc. announced enhanced cross-border remittance capabilities through a partnership with Alipay, allowing users to send and receive funds instantly to their digital wallets. This development builds on their existing relationship and indicates a trend toward more integrated global payment solutions.

Vine Strategy remains highly optimistic about Alibaba's prospects as a leading Chinese e-commerce player, anticipating its shift towards capitalizing on increased cross-border volumes and growth in the public cloud market. “Alibaba is a fantastic turnaround story and we see plenty of upside to the stock price as the Chinese economy responds to various stimulus measures going forward,” said Vine Strategy’s co-founding partner, George Chan.

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