China's Alipay Grabs Slice of U.S. Market With First Data
- Mobile payments wallet to be accepted at 4 million U.S. stores
- Alipay says it’s part of broader international expansion
An employee scans a quick response (QR) code displayed on the Ant Financial Services Group's Alipay app, an affiliate of Alibaba Group Holding Ltd., inside a Sa Sa International Holdings Ltd. store in an arranged photograph in Hong Kong, China, on Tuesday, Nov. 1, 2016. The urgency to prepare regulatory environments for fintech is growing as banks begin offering digital services such as biometric authentication and as mobile-payment systems such as Apple Pay and AliPay are introduced around the region.
Photographer: Anthony Kwan/BloombergChina’s mobile-payments king wants a piece of the world’s biggest consumer market.
Alipay, owned by Jack Ma’s Ant Financial, reached a deal that will let its users shop at 4 million U.S. merchants served by payments processor First Data Corp., the companies said Monday in a joint statement. The rollout will begin with businesses that use First Data’s Clover products.