Alipay’s worldwide users exceed 1 billion

Users in nine countries, regions have access to Alipay’s mobile payment system


News Desk January 11, 2019
An Alipay logo is seen at a cashier in Shanghai January 12, 2017. PHOTO: REUTERS

Worldwide users of Alipay, China’s leading online payment platform, have exceeded one billion, according to data released by the company.

Alipay’s Ant Financial Services Group said it had cooperated with nearly 10 major overseas smart payment companies including India’s Paytm and Thailand’s TrueMoney, which contributed to the growing number of Alipay users.

According to Alibaba’s latest quarterly financial report, Alipay’s Chinese users have surpassed 700 million and 70% of these users have used three or more financial services provided by Ant Financial.

Alipay initiated its global services campaign in 2007. Users in nine countries and regions now have access to its mobile payment system and 80 airports in over 40 countries and regions allow instant tax refunds via Alipay.

Alipay has also acquired a 45% stake in Telenor Microfinance Bank of Pakistan for $184.5 million. The microfinance bank got approval from the State Bank of Pakistan (SBP) for the use of blockchain technology about a couple of months ago.

CCP approves Alipay’s 45% stake in Telenor Microfinance Bank

In a recent statement, the microfinance bank said, “Telenor Microfinance Bank, in partnership with Valyou of Malaysia, has introduced Pakistan’s first blockchain-based cross-border remittance service, powered by the industry-leading blockchain technology developed by Alipay.”

“The new remittance service is one of the examples of how emerging technologies can assist countries meet their digital and financial inclusion goals. We’re thrilled to be part of Pakistan’s financial inclusion efforts and we’re dedicated to exploring breakthroughs and applying them to benefit more people in more places,” said Ant Financial Chairman and CEO Eric Jing on the occasion.

This article originally appeared in the China Economic Net

Published in The Express Tribune, January 11th, 2019.

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