Chinese fintech giant Ant Group expands overseas payment service Alipay+ to serve visa-free, Lunar New Year travellers

Chinese fintech giant Ant Group expands overseas payment service Alipay+ to serve visa-free, Lunar New Year travellers

30 Jan Chinese fintech giant Ant Group expands overseas payment service Alipay+ to serve visa-free, Lunar New Year travellers

Posted at 03:20h in Asia by

Ant Group, an affiliate of e-commerce giant Alibaba Group Holding, is boosting its operations throughout Asia, as the Chinese fintech major seeks to capitalise on the country’s visa-free policy and an anticipated Lunar New Year travel boom.

Ant recently expanded the availability of Alipay+, its cross-border mobile payment service, across Asia and in parts of Europe, covering more than 100,000 stores in Thailand and Dubai, respectively, and 10,000 taxis in 12 Italian regions, the company said on Tuesday.

Alipay+ is designed to help small and medium-sized businesses accept payments from travellers using their own local electronic wallets. It now supports 25 partner e-wallets and bank apps covering more than 88 million merchants in 57 markets, the firm said.

Ant Group’s Alipay+ expands support for Asian e-wallet and payment apps in China

The service expansion comes as Beijing introduces new visa-free policies to promote tourism and business ties amid a sluggish economy. Starting last December 1 until November 30, travellers from France, Germany, Italy, the Netherlands, Spain and Malaysia are allowed to stay in China without a visa for 15 days.
From Lunar New Year’s Eve, which falls on February 9, China and Singapore will also mutually allow each other’s citizens to travel, visit families and go on business trips without a visa for 30 days. This comes after Malaysia and Thailand waived visa requirements for Chinese travellers for stays of up to 30 days.
More Chinese travellers are expected to head overseas during the coming Lunar New Year – the second since China scrapped its stringent Covid-19 restrictions in late 2022. However, the numbers are likely to remain below pre-pandemic levels as the country grapples with economic headwinds.

At home, regulatory pressure appears to be easing on Ant after it underwent a series of restructuring following the cancellation of its planned dual listing in Shanghai and Hong Kong in late 2020.

Chinese tourists can use Alipay+ cross-border payments in countries such as Thailand, Malaysia, Singapore and the Philippines during this year’s Lunar New Year holiday. Photo: Handout

With founder Jack Ma’s voting rights at Alipay having shrunk from over 53 per cent to just above 6 per cent, China’s central bank confirmed last month that the Ant-operated mobile payment app no longer had a controller.

The move is seen as another step forward for Ant to resume its initial public offering, which was derailed following a controversial speech given by Ma.

In another sign of regulatory easing, central bank governor Pan Gongsheng said last week that the People’s Bank of China and the government of Zhejiang province were preparing to grant an Ant-affiliated agency a “personal credit information collection licence”, a necessary permit for Ant to grow its credit business.

Source link

Tags:
, , ,