Alipay announced today that its users will now be able to use their Alipay Mobile Wallets for to make purchases from JPMorgan Chase merchant clients.
The app, supported by Chinese fintech giant Ant Financial (in case you haven’t heard of them yet), boasts more than 500 million registered users, is compatible with more than 250 financial institutions around the world, and supports 27 different currencies.
Chinese tourists abroad, for whom this partnership was formed, will be able to use Discover, the Alipay geolocation function, to locate nearby Chase merchants, whose goods and services they will now be able to purchase with relative ease. It also allows them to receive promotions and helps the merchants, in turn, locate potential customers.
This year, the total number of Chinese tourists expected to travel to North America is approximately 4 million. Alipay and Chase’s newfound partnership therefore provides a potential for a major influx of Chinese currency into the wider North American market.3 - Readers Like This Post