Payments: Ant Group Incorporates Seven New E-Wallets into A+China Program

Ant Group, the Chinese digital payment giant, has announced the integration of seven prominent Asian e-wallets and payment apps into its “Alipay+-in-China” Program (A+China Program). This move allows users of mPay (Macao SAR, China), Hipay (Mongolia), Changi Pay (Singapore), OCBC (Singapore), Naver Pay (South Korea), Toss Pay (South Korea), and TrueMoney (Thailand) to utilize their domestic e-wallets for mobile payments in mainland China using Alipay’s extensive merchant infrastructure.

With the addition of these e-wallets, the total number of foreign e-wallets accepted in mainland China now stands at ten. The A+China Program, which was launched in 2022, initially included AlipayHK (Hong Kong SAR, China), Touch ‘n Go eWallet (Malaysia), and Kakao Pay (South Korea). The program connects over 175 million users across Southeast and East Asia, enabling them to conduct smooth and secure transactions at any merchant where Alipay is accepted.

Ant Group’s Alipay+ is a comprehensive cross-border mobile payment, marketing, and digitalization solution suite. It aims to connect global and local merchants with cross-border digital consumers. Outside of China, the platform operates in 56 countries with over 5 million merchants, collaborating with more than 20 mobile payment partners and reaching over 1.4 billion consumer accounts in Asia.

Douglas Feagin, Senior VP of Ant Group, highlighted the importance of expanding partnerships and developing digital operations for small and medium-sized enterprises (SMEs). He emphasized the company’s commitment to investing in payment and digital marketing technologies to support partners and merchants in achieving growth.

The NetsUnion Clearing Corporation, backed by the People’s Bank of China, plays a vital role in ensuring secure transaction data exchanges and fund clearing services for cross-border mobile payments involving Ant Group and international digital wallets.

Eric Jing, CEO of Ant Group, expressed his enthusiasm for regional collaboration and his aspirations for broader partnerships that leverage digital technology to improve global living standards.

Recent data has shown a significant increase in payments made through the initial A+China wallets between March and August 2023, with a 47-fold growth. According to PricewaterhouseCoopers, cashless transactions are projected to double or triple by 2030, with China leading the trend but rapid growth occurring in Southeast Asia as well.

Follow crowdfundingmagazine on Instagram: @crowdfundingmagazine_it

What do you think?

363 Points
Upvote Downvote

Written by editorial

Leave a Reply

Your email address will not be published. Required fields are marked *

Australian Securities and Investments Commission Takes Legal Action Against Bit Trade, Kraken Partner

Digital Assets: Robinhood asserts to provide competitive cryptocurrency trading services