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Ant Group has integrated 7 new leading e-wallets and payment apps from Asia to the Alipay+ 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) will be able to use their familiar home e-wallet on their own phone to enjoy mobile payment experience in the Chinese mainland across Alipay’s merchant network.
The new additions bring the total number of overseas e-wallets accepted in the Chinese mainland to 10.
AlipayHK (Hong Kong SAR, China), Touch ’n Go eWallet (Malaysia) and Kakao Pay (South Korea) piloted the Program in late 2022.
In total, these payment methods reach a population of over 175 million in Southeast and East Asia.
Users of these e-wallets may use their own payment app wherever Alipay works, to enjoy secure, smooth and cashless payment, and transparent and competitive exchange rates.
They can also enjoy additional promotional deals via Alipay+ Rewards, a digital cross-border marketing hub integrated into select wallet apps.
The wallets’ teams are also providing familiar customer support to their roaming users, backed by Alipay+’s smart payment tech capabilities.
Outside of China, Alipay+ covers 5 million merchants in 56 markets, and works with over 20 mobile payment partners across Asia which together serve over 1.4 billion consumer accounts.
The A+China Program now extends Alipay+ service to tap into the massive merchant network of China with tens of millions of points of sales.
The total number of payments made in China through the pilot A+China wallets – Kakao Pay, Touch ’n Go eWallet and AlipayHK – grew 47 times in six months between March and August 2023.
According to PricewaterhouseCoopers, by 2030 the number of cashless transactions will be about double to triple. While China leads the region in digital wallet usage, the rest of Asia, especially Southeast Asia, has become the world’s fastest growing mobile payment market.
FIS research shows that between 2018 and 2023 digital wallets in the region (excluding China) more than doubled their share of e-commerce transaction value and share of payment transaction value at point-of-sales grow six folds.
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