Ant Group Eyes Worldwide Reach with Alipay+ Digital Platform

Ant Group, a leading Chinese fintech company, is aiming to expand its global footprint through its digital platform, Alipay+, in a bid to interconnect mobile payment applications worldwide.

Douglas Feagin, senior vice president of Ant Group, highlighted the preference of users to utilize their native e-wallets while traveling abroad, emphasizing the reluctance to engage with unfamiliar payment apps.

He expressed this sentiment to CNBC, underscoring the significance of seamless payment experiences across borders.

Ant International, the global arm of Ant Group, unveiled Alipay+ in 2020, facilitating cross-border transactions by enabling foreign users to utilize their native payment apps to scan QR codes of Alipay for transactions in China and other countries through local partners.

Feagin emphasized the substantial growth prospects in expanding Alipay+ coverage beyond Asia to regions like the Middle East, Latin America, and Europe.

He highlighted the increasing mobility of individuals across these regions, presenting a significant opportunity for market expansion.

Ant Group had previously invested in country-specific e-wallets across Asia but aims to internationalize its offerings, according to Feagin, who also serves as the president of Ant International.

Despite existing cross-border tourism business, primarily focused on Chinese tourists' destinations, the company seeks to broaden its presence in Europe and the United States, leveraging its Alipay platform.

Ant Group's focus on Alipay+ reflects its strategy to capitalize on its initial market penetration in these regions, aiming to further establish its presence and capitalize on emerging opportunities.

Source: Sheila Chiang / CNBC