Alibaba teams with First Data to bring Alipay to the US
Alipay, a third-party mobile and online payment platform developed by Alibaba (BABA), is teaming with First Data Corp. (FDC) tells that not only is our Cashless Consumption theme heating up in general, but the greater adoption of Cashless Consumption products and services outside the US likely means more international players than many a U.S. centric investor might consider. We also see signs of our Ultra Wealthy and Affordable Luxury themes at work as travelers from China to the U.S. looking to use mobile payment systems they use every day help “pull” them into the domestic market.
Alipay recently announced a partnership with America’s First Data Corp, in its latest effort s to expand its presence in overseas mobile payment market.The deal with the American payment processing services will allow 4 million merchants in the U.S. to accept Alipay, a boon for Alipay users shopping there.
“This will open up Alipay to where it’s truly ubiquitous across the United States and hopefully more countries later,” said Souheil Badran, president of Alipay’s North America operations. Alipay has been accepted by more than 100,000 retailers in more than 70 overseas markets, he added. According to Douglas Feagin, head of Ant Financial’s International Operations, the company has over 450 million registered users as of last October, one-tenth of whom were outside of China. If taking into account the 150 million users of Paytm, its strategic partner in India, Ant Financial has had nearly 200 million overseas users.
Source: Alipay teams up with First Data to increase US presence – TechNode
