Alipay’s parent company revealed it successfully sold advanced financial services including credit, micro-finance and wealth management tools to 80 per cent of the brand’s user base in China.
Speaking at affiliate Alibaba’s investment day, Ant Financial CEO Eric Jing said as of the end of June the vast majority of Alipay users had accessed services in at least three of its five core categories.
The five segments are payments, wealth management tools, micro financing, insurance and credit. Jing added 40 per cent of its 900 million-strong base in China had used all five.
Alongside rival Tencent, Alipay dominates China’s mobile payment sector and since 2016, has been pursuing its “globalisation strategy”.
This includes signing merchant deals so domestic customers can continue to use its mobile payment service in other countries and partnering with local ventures to increase its reach into other markets.
During the event, Jing said that as a result of partner agreements its global footprint had grown to cover 1.2 billion users globally.Subscribe to our daily newsletter Back