TLDR:
Alipay’s international expansion efforts are becoming increasingly strategic with a focus on growing its network in markets like South Korea and emerging markets like Pakistan. The company is also gradually exiting the Indian market due to challenging business environment. Alipay+ is looking to leverage the spending power of Asian travelers in Europe while also exploring opportunities in the Middle East, Latin America, and Africa.
Article Summary:
Alipay’s international expansion efforts have become more strategic with the launch of Alipay+ and a focus on boosting interoperability among e-wallets in Asia. The company has seen impressive growth in its international payments network in the last 18 months, particularly in markets like South Korea where Alipay+ transactions have surged by over 700% in offline merchants. Alipay has formed key partnerships with local payment systems in Korea, such as Kakao Pay, Naver Pay, and Toss Pay, to expand its footprint in the country.
Additionally, Alipay is also growing its presence in less developed markets in South Asia like Pakistan and Sri Lanka. The company has inked a deal with Pakistan’s NayaPay to boost global payments into the country, tapping into Pakistan’s unbanked population of 100 million. Alipay has also expanded to Sri Lanka, targeting a smaller market with potential for growth.
On the other hand, Alipay is slowly exiting the Indian market due to challenging business environment and strained Sino-Indian ties. The company has been selling off its stake in Indian fintech unicorn Paytm, anticipating further pressure to divest its remaining stake over time. Looking ahead, Alipay+ aims to leverage the spending power of Asian travelers in Europe and explore opportunities in regions like the Middle East, Latin America, and Africa where China has deep economic links.
