Alipay Expands to U.S.
Alipay, China’s leading online payment platform, will soon be expanding services to operate in the U.S.
Here’s what you need to know:
-The deal was made between Ant Financial (Ant Financial Services Group, formerly known as Alipay, is an affiliate company of the Chinese Alibaba Group), and First Data (global payment technology solutions company headquartered in Atlanta).
- The deal will allow Alipay services to be used at point-of-sale with more than four million retail partners in the U.S..
-Alipay currently had an estimated 450 million users worldwide.
-Two other companies will likely be involved in the rollout of operations. The first is MoneyGram, a Dallas-based money transfer company recently acquired by Ant Financial for $1.2 billion. The second is Acculynk, First Data’s recently-acquired technology company that provides innovative debit routing solutions.
Sources:
https://techcrunch.com/2017/05/09/alipay-first-data-us-point-of-sale-expansion/
https://www.firstdata.com/en_us/about-first-data/media/press-releases/05_08_17_2.html
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