In a move to expand its global presence, Chinese fintech giant Ant Group is leveraging its digital offering, Alipay+, to connect mobile payment apps worldwide. This shift aims to cater to the growing preference among travelers to use their home e-wallets abroad.
Douglas Feagin, senior vice president of Ant Group, highlighted this approach, stating, “What we found is that people want to use their home e-wallets when they travel abroad. So they don’t want to have to load their card into another app that they don’t know as well.”
This mobile payment feature allows foreigners to use their home country’s apps to make payments in China by scanning QR codes of Alipay, Ant Group’s predominantly domestic platform. The service also extends to other countries through local partners.
Feagin expressed optimism about the expansion, stating, “We see a huge opportunity for expansion and the relatively broad coverage we have in Asia – we intend to replicate in places like the Middle East, Latin America, and Europe.”
Ant Group has already made significant strides in this direction, connecting 88 million merchants in 57 countries and regions to 1.5 billion consumer accounts across more than 25 e-wallets and bank apps.
As part of its overseas business expansion, Ant has invested in and partnered with several companies, such as Singapore payments firm 2C2P and South Korea’s Kakao Pay. The company has also collaborated with national digital payments services in various countries.
Zennon Kapron, founder and director of consultancy Kapronasia, highlighted Ant’s strategic focus on Southeast Asia and its investments in e-wallets in major Southeast Asian economies. The firm is also expanding into emerging markets like Sri Lanka and Cambodia, as well as Europe and the Middle East.
Despite initial setbacks, including the suspension of its IPO in 2020 and regulatory restructuring, Ant Group remains committed to its global expansion strategy. Feagin emphasized the untapped potential for mobile payments in key tourism markets like Thailand and Japan.
With its innovative approach and strong partnerships, Ant Group is poised to revolutionize global mobile payments and solidify its position as a leading player in the fintech industry.
(Source: Payments Journal | MSN | CNBC)
