Introduction: The use of mobile payments for consumption in China has become a payment habit for people’s daily lives.
Alipay, one of the representatives of the China Mobile Payment (Cashless Payment) Agency, is gradually covering China’s domestic small and medium-sized cities and is also accelerating the development of overseas markets.
According to media reports on June 12, by the end of 2018, China’s largest payment company Alipay will be promoted in 20 countries in Europe. Its mobile payment platform has already signed agreements with more than 100 European banks and 40 digital wallet companies.
In 2017, Alipay’s active use in six European countries has increased. Its goal in 2018 is to promote it to more than 20 countries in Europe.
Whether it is the acquisition of a company or expansion, any commercial action needs sufficient financial support, and Alipay’s company reserves have more capital. Recently, Ant Financial completed a new round of financing and raised 11.87 billion euros (approximately 90.07 billion yuan). Europe will be one of the beneficiary markets.
Wang Li said that Alipay still has a great advantage in peer competition. The company has invested millions of dollars in promotion and has signed agreements with more than 100 European banks and 40 digital wallet companies.
However, Alipay’s development in Europe is not balanced enough. In Russia, almost all supermarkets and retailers use Alipay to conduct transactions. However, in France, where high-end consumption is dominant, emerging companies like Alipay still have a difficult time.
With regard to the future development of Alipay in Europe, James Lloyd, head of Ernst & Young, said that the spread of Alipay in Europe cannot be achieved overnight. The cooperative relationship between internet companies and banks is very strong and will gradually attract consumers.
Earlier, in an interview with the French newspaper Echo, Alibaba’s high-street ant gold suit, Grasse Feekin, said: “This will be a lifestyle application. It can be used not only for shopping but also for It is used to order meals or to exchange with merchants. In the field of mobile payment, we occupy about 80% of China’s market share. We hope to have a similar share in the European tourism market.”
In 2014, Alipay officially became the world’s largest mobile payment operator, established strategic partnerships with more than 180 domestic and international banks and international card issuers, and became an important partner in the field of electronic payment.