Ant Group, the financial technology giant, has extended its support for various Asian e-wallets and payment apps in mainland China. This expansion aims to facilitate cross-border transactions and make it more convenient for foreign tourists to conduct payments for goods and services within the country.
Expansion of Alipay+-in-China Program Ant Group’s “Alipay+-in-China” (A+China) initiative has broadened its ecosystem by including seven additional digital services, totaling support for 10 different Asian e-wallets and payment apps in mainland China. The newly added services include Macau’s mPay digital wallet, Mongolia’s HiPay, Singapore’s Changi Pay and OCBC e-wallets, South Korea’s Naver Pay and Toss Pay, and Thailand’s TrueMoney app.
Douglas Feagin, Ant’s Senior Vice President, on the Expansion Douglas Feagin, Senior Vice President of Ant Group and Head of Alipay+ Cross-Border Mobile Payment Services, highlighted the diversity of mobile payment providers joining this cross-border digital commerce ecosystem. These providers range from mobile wallets and banking apps to independent merchant apps and super-apps.
Coverage and Impact With the inclusion of these Asian digital payment services, Ant Group’s network now covers a population of over 175 million people in Southeast and East Asia. This expansion reflects Ant’s efforts to strengthen its presence in major economies across Asia.
Future Investments Ant Group is committed to further investing in payment and digital marketing technologies to support its partners and merchants in achieving robust omnichannel growth.
Background: Making Payments Easier for Foreign Tourists This move to enhance digital payment support aligns with China’s efforts to simplify payment processes for foreign tourists in its increasingly cashless society. As China reopened its borders to foreign tourists in March, providing hassle-free payment solutions becomes pivotal.
Competition in the Payment Sector Ant Group’s efforts coincide with Tencent Holdings’ WeChat Pay, which has also expanded support for international credit and debit cards like Visa and MasterCard, intensifying competition in the payment industry.
Support from the People’s Bank of China (PBOC) Ant’s A+China program operates under the guidance of the People’s Bank of China (PBOC), the country’s central bank. Additionally, it receives support from organizations such as the PBOC-affiliated NetsUnion Clearing Corp, international credit card operators, and major financial institutions in mainland China.
Ant Group’s Comeback It’s worth noting that Ant Group’s successful A+China program demonstrates its resurgence in the Chinese regulatory landscape. Earlier, the company faced regulatory scrutiny, resulting in a significant fine imposed by the PBOC in July.
This expansion of digital payment support serves as a testament to Ant Group’s commitment to facilitating seamless cross-border transactions and enhancing the payment experience for both local and foreign users in China.
What is Ant Group’s Alipay+-in-China program?
Ant Group’s “Alipay+-in-China” (A+China) program is an initiative that supports various Asian e-wallets and payment apps in mainland China, enabling cross-border transactions.
How many Asian e-wallets and payment apps does the A+China program currently support?
The A+China program now supports 10 different Asian e-wallets and payment apps in mainland China.
Which Asian e-wallets and payment apps were recently added to the A+China program?
The newly added services include Macau’s mPay digital wallet, Mongolia’s HiPay, Singapore’s Changi Pay and OCBC e-wallets, South Korea’s Naver Pay and Toss Pay, and Thailand’s TrueMoney app.
What is the goal of expanding support for these Asian e-wallets in China?
The expansion aims to make it more convenient for foreign tourists to make payments for goods and services within China, promoting cross-border digital commerce.