TL;DR: Ant Group’s “Alipay+-in-China” Program welcomes seven new e-wallets and payment apps from Asia, allowing users to utilize their preferred home e-wallets for seamless mobile payments in China. This initiative now encompasses ten overseas e-wallets, benefiting over 175 million users across Southeast and East Asia.
Ant Group has officially included seven leading e-wallets and payment apps from Asia in its “Alipay+-in-China” Program (A+China Program). Users of mPay (Macao SAR, China), Hipay (Mongolia), Changi Pay (Singapore), OCBC (Singapore), Naver Pay (South Korea), Toss Pay (South Korea), and TrueMoney (Thailand) can now use their familiar home e-wallets for seamless mobile payments within the Chinese mainland through Alipay’s extensive merchant network.
Strengthening the Ecosystem
With these new additions, the total number of overseas e-wallets accepted in the Chinese mainland has now reached ten. Notable e-wallets such as AlipayHK (Hong Kong SAR, China), Touch ’n Go eWallet (Malaysia), and Kakao Pay (South Korea) initially piloted the program in late 2022. Collectively, these payment methods cater to a population of over 175 million in Southeast and East Asia.
Seamless and Secure Payment Experience
Users of these e-wallets can employ their own payment apps wherever Alipay is accepted. This provides them with secure, smooth, and cashless payment options, along with transparent and competitive exchange rates. Additionally, users can access promotional deals through Alipay+ Rewards, a digital cross-border marketing hub integrated into select wallet apps. The wallets’ teams also offer familiar customer support, backed by Alipay+’s smart payment tech capabilities.
Global Expansion of Merchant Network
In addition to benefiting users, the A+China Program welcomes five new mobile payment partners, including Hipay, Changi Pay, OCBC, Naver Pay, and Toss Pay, to its global merchant network. This expansion enhances accessibility and convenience for consumers and merchants alike.
Empowering SMEs with Digital Capabilities
Douglas Feagin, Senior Vice President of Ant Group and Head of Alipay+ Cross-Border Mobile Payment Services, emphasized the importance of expanding partners and merchant networks, highlighting the role in empowering SMEs with digital operational capabilities. He stated, “We will invest faster and deeper in payment and digital marketing technologies to help our partners and merchants achieve robust, omni-channel growth.”
Eric Jing, Chairman and CEO of Ant Group, expressed gratitude for the collaborative efforts that have brought the A+China Program to fruition. He affirmed the mission to leverage digital technologies for positive global impact, emphasizing the shared goal of making the world a better place.
Market Growth and Outlook
According to PricewaterhouseCoopers, cashless transactions are projected to double or even triple by 2030. While China leads in digital wallet usage, the rest of Asia, particularly Southeast Asia, is experiencing rapid growth in mobile payments. FIS research indicates significant growth in digital wallet usage in the region, indicating a shift towards cashless transactions.