Ant Financial’s mobile payment platform, Alipay has revealed plans to work with multiple partners in Japan to expand its cashless transactions service.
This will enable smoother payment processes for travellers visiting the country, especially for the 2020 Olympic Games.
The move will enable easy payments for people. This will be particularly significant to those coming from China as they are more familiar with the payment method. Furthermore, it will increase business for local Japanese merchants.
Alipay also intends to continue extending its service across Japan.
So far, the firm partnered with various regional banks such as Hida Credit Union and Kyoto Shinkin Bank to offer Alipay payment platform at tourist spots and stores in certain cities.
Furthermore, Alipay is planning to bring the cashless transactions service to small and micro merchants. The firm will do this via alliances with domestic mobile payment platforms, including Line Pay and Paypay.
Ant Financial executive chairman and CEO Eric Jing said: “Alipay is dedicated to enhancing user experience and creating value for small and micro businesses through technology.
“We look forward to working with a wide range of Japanese partners to achieve this ambition. In doing so contribute in some way to driving the local economy of areas across Japan.”
Alipay statistics reveal that the proportion of Chinese visitors using mobile payments is increasing. Between July and August this year, each Chinese Alipay user in Japan had an average consumption of approximately JPY3,900 ($569).
The average spending has seen a 52% surge over previous year. Alipay also noted that total transaction volume increased by 165%.