Alipay expands European presence with four new partnerships

REUTERS/Aly Song/Files

BEIJING (Reuters) – Alipay said on Tuesday it has partnered with four more financial services providers in Europe, as it looks to tap into Chinese consumers travelling abroad, in a move that could help China’s top online payments platform expand its global footprint nearly tenfold.

The company has formed partnerships with Barclays PLC, BNP Paribas Group, UniCredit SpA and SIX Payment Services Ltd, giving them access to a network of 930,000 new stores across Europe, the Chinese online finance company said.

Alipay, which has over 450 million active users in China, has sealed a number of successive foreign partnerships in the past two months, hoping to capture the growing market of Chinese consumers travelling abroad.

“Our users’ lifestyles are increasingly global,” said Douglas Feagin, the President of Alipay International and Senior Vice President of parent company Ant Financial Services Group, in a statement.

Feagin said current retail partnerships in Europe were ‘extremely popular with travelling Chinese consumers.’

The company signed a deal with French payment technology firm Ingenico in August, and inked similar deals with US payment processors First Data and Verifone in October. Last month Ant Financial announced a tie-up between Alipay and Thai payment firm Ascend.

Currently Alipay covers 100,000 stores in 70 countries excluding mainland China, including Korea, India, Japan and Britain and Australia.

(Reporting by Cate Cadell; Editing by Vyas Mohan)

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