Ant introduced Alipay+ in 2020, allowing foreigners to use certain mobile payment apps from their home countries to scan Alipay QR codes to pay in China.
Ant Group is looking to expand into the payments markets of Europe, Middle East and Latin America with its Alipay+ offering.
"What we found is that people want to use their home e-wallets when they travel abroad. So they don't want to have to load their card into another app that they don't know as well," Douglas Feagin, senior vice president of Ant Group, an affiliate of Chinese tech giant "We see a huge opportunity for expansion and the relatively broad coverage we have in Asia – we like to replicate in places like Middle East, Latam and Europe," said Feagin. "People from all these regions are going to other regions, so a big opportunity to expand."
"Ant Group's early vision for global expansion was centered on Southeast Asia. The company took strategic stakes in e-wallets in every major Southeast Asian economy," Zennon Kapron, founder and director of consultancy Kapronasia, said in aThere are also growth opportunities in the firm's established markets like Singapore and South Korea, for instance a lot of people use mobile payments in China, but still far fewer compared with people in other countries, said Feagin.
"Following restructuring mandated by China's regulators that occurred concurrently with various geopolitical tensions that impacted its ability to expand in certain markets, Ant modified its global expansion strategy. The result was Alipay+ which aims to resolve interoperability hiccups for e-wallets," said Kapron.
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