📱 Hong Kong🇨🇳: Alipay+ provides digital payments with 14 e-wallets from 9 countries

📱 Hong Kong🇨🇳: Alipay+ provides digital payments with 14 e-wallets from 9 countries

The Chinese company Ant International Group is expanding the reach of cross-border payments through the existing payment codes of AlipayHK. This initiative has been positively received by the merchant community.

➡️ Ant's partners: MPay (Macao SAR, China🇨🇳), Changi Pay and OCBC Digital (Singapore🇸🇬), GCash and HelloMoney (Philippines🇵🇭), Hipay (Mongolia🇲🇳), Kakao Pay, Naver Pay and Toss Pay (South Korea🇰🇷), MyPBfrom Public Bank Berhad and Touch 'n Go eWallet (Malaysia🇲🇾), TrueMoney (Thailand🇹🇭) and Tinaba (Italy🇮🇹). This represents the most extensive integration of international payment apps in Hong Kong's physical commerce.

➡️ Currently, 90% of Hong Kong's SMEs accept payments from the aforementioned international wallets. In addition, the Alipay+ app offers users very attractive options for currency exchange directly at physical points of sale.

➡️ It could be argued that this extensive integration is a response to the market changes related to the increase in the arrival of foreigners to Hong Kong. In 2023, there were 34 million people; and in the current year, just in the first quarter, the island received 11.23 million.

➡️ Previously, we reported that Ant International Group increased the single transaction limit for international travelers using cross-border payment services, from 1000 to 5000 USD, and the annual limit of accumulated transactions from 10 to 50 thousand.

➡️ regarding Alipay+, the system was launched in 2020, and today it connects more than 88 million merchants in 57 countries and 1.5 billion consumer accounts (25 e-wallets and banking apps).

#Asia #news #China