Ant Group is making strides in expanding its presence in the payments markets of Europe, the Middle East, and Latin America with its Alipay+ offering. Douglas Feagin, senior vice president of Ant Group, stated in an interview with CNBC that people prefer using their home e-wallets when traveling abroad. As a response to this demand, Ant Group introduced Alipay+ in 2020, enabling foreigners to make payments in China and other countries using apps from their home countries. This move is part of Ant Group’s broader strategy to connect mobile payment apps worldwide.
Feagin emphasized the significant opportunity for expansion in regions like the Middle East, Latin America, and Europe, where people from various regions travel. Ant Group’s global arm, Ant International, aims to replicate its success in Asia by expanding its presence in these regions. The company has invested in country-specific e-wallets across Asia and is now focusing on taking these products overseas.
To facilitate its overseas expansion, Ant Group has invested in various companies and partnered with national digital payment services. The company’s Alipay+ offering now connects millions of merchants in numerous countries and regions to billions of consumer accounts across multiple e-wallets and bank apps.
Ant Group’s expansion strategy has also targeted emerging markets like Sri Lanka and Cambodia, as well as established markets like Singapore and South Korea. Despite facing regulatory challenges in China, Ant Group remains committed to its global expansion plans, aiming to resolve interoperability issues for e-wallets and capitalize on growth opportunities worldwide.
