Alipay+ Expands Its Reach: Seven New Asian Wallets Join the Chinese Mobile Payment Revolution

Discover how Alipay+ is reshaping China’s mobile payment landscape by welcoming seven new Asian wallets into its ecosystem. Explore the seamless international transactions and mid-market exchange rates, making China a magnet for global travelers. Ant Group’s vision unfolds in this exciting journey.

In a groundbreaking move, Ant Group has introduced seven new Asian e-wallets and payment applications into the thriving Alipay+ ecosystem within the Chinese market. This strategic initiative aims to bolster the mobile payment infrastructure and make China even more attractive to international travelers.

The freshly integrated digital wallets include OCBC and Changi Pay from Singapore, Naver Pay and Toss Pay from South Korea, TrueMoney from Thailand, mPay from Macao, and Hipay from Mongolia.

This development is a pivotal part of the “Alipay+ in China” program, designed to enhance the accessibility of mobile payments for international tourists. Users of these e-wallets can now seamlessly conduct transactions at any merchant in China that accepts Alipay, eliminating the need for third-party payment apps. Moreover, foreign currency exchanges are carried out at mid-market rates, devoid of any transaction fees, a significant benefit according to Ant Group.

The journey began in late 2022 when Alipay+ was first launched in China on a pilot basis, with the inclusion of Kakao Pay, Touch ‘n Go, and AlipayHK. Impressively, the cumulative number of payment transactions across these three payment apps surged by a staggering 47 times between March and August 2023, as reported by Douglas Feagin, the Senior Vice President of Ant Group, who oversees cross-border mobile payment services at Alipay+.

Monsinee Nakapanant, co-president of TrueMoney operator Ascend Money, lauds the partnership with Alipay+ for providing TrueMoney with a rapid and extensive reach among global users.

With the addition of these seven Asian wallets, Alipay+ now boasts an impressive roster of 20 mobile payment partners, collectively serving a massive 1.4 billion customers across 56 markets.

It’s important to note that China is renowned as the world’s foremost cashless economy, and the dominance of Alipay and WeChat Pay accounts for a staggering 98% share of the nation’s mobile payments market.

This expansion of Alipay+ not only enhances convenience for travelers but also underlines the global significance of China’s mobile payment landscape. As Alipay+ continues to evolve and expand, it reaffirms its position as a pioneer in mobile payment innovation, with far-reaching implications for international travelers and the digital economy at large

FAQ Alipay+ Expands Its Reach

Q1: What is Alipay+ and its recent expansion?

A1: Alipay+ is a mobile payment ecosystem by Ant Group, offering seamless digital transactions. Recently, it expanded by incorporating seven Asian e-wallets and payment apps into the Chinese market, enhancing accessibility for international travelers.

Q2: Which Asian wallets were added to Alipay+?

A2: The new additions include OCBC and Changi Pay (Singapore), Naver Pay and Toss Pay (South Korea), TrueMoney (Thailand), mPay (Macao), and Hipay (Mongolia).

Q3: How does the “Alipay+ in China” program benefit international travelers?

A3: This program enables users of the added e-wallets to transact at any merchant in China accepting Alipay without third-party apps. It offers foreign exchange at mid-market rates with zero transaction fees.

Q4: When was Alipay+ in China initially launched, and what growth has it seen?

A4: Alipay+ in China began as a pilot in late 2022 with Kakao Pay, Touch ‘n Go, and AlipayHK. Payment transactions across these three apps grew remarkably by 47 times between March and August 2023.

Q5: What are the advantages of partnering with Alipay+ for TrueMoney?

A5: Monsinee Nakapanant, co-president of TrueMoney operator Ascend Money, mentions that partnering with Alipay+ gives TrueMoney a broader reach among global users in a shorter time frame.

Q6: How many mobile payment partners does Alipay+ currently have?

A6: Alipay+ now boasts 20 mobile payment partners collectively serving 1.4 billion customers across 56 markets.

Q7: Why is China known as the world’s largest cashless economy?

A7: China’s mobile payments market is dominated by Alipay and WeChat Pay, making up 98% of the country’s mobile payments market, making it renowned as the world’s largest cashless economy.

Q8: What does the expansion of Alipay+ signify for international travelers and the digital economy?

A8: The expansion of Alipay+ not only enhances convenience for travelers but also highlights the global significance of China’s mobile payment landscape. It underscores Alipay+ as a pioneer in mobile payment innovation with far-reaching implications for international travelers and the digital economy at large