Alipay is set to be rolled out to over 10 million SMEs in Europe over the next five years, as Alibaba continues its overseas expansion.
Today at the Alipay Partners Global Summit in London, the payment service unveiled plans for dramatic expansion across international markets to help retailer cater to Chinese tourists.
“Our innovative solutions will continue to help merchants in Europe better serve the growing numbers of tourists as well as e-commerce shoppers coming to the region from all over the world,” chief executive of Ant Financial, Alipay’s operator, Eric Jing said.
According to Statista 87 per cent of Chinese citizens aged 18 to 69 use Alipay for their digital financial needs, and the payments giant currently services 1.2 billion people.
Around 120 European financial institutions currently partner with Alipay, a number it hopes to significantly expand
Furthermore 93 per cent of Chinese tourists state they’d be more willing to make a purchase and even increase spending if the payment option was available.
This is the latest big push by Alipay to grow its userbase, having announced earlier this month that it is now available for visitors to China for the first time, removing a major barrier for tourists.
Tourists can purchase the prepaid cards using international debit and credit cards, which will last for 90 days before being automatically refunded to their accounts.