Alipay+ Continues To Support Users and Merchants

The Covid-19 pandemic has caused the world to shift online in many aspects. With restrictions in place, moviegoers relied on online streaming platforms, while businesses and employees used video conference software for work meetings. Physical stores also had to adapt by moving their products online, resulting in the rise of ecommerce.

This digital transformation did not only affect consumer behavior but also caused financial services to follow online.

Fintech, particularly digital payment platforms, has seen a significant rise in demand during the Covid-19 pandemic. As the world shifted online, people relied on these platforms to make transactions, whether it be for work or personal reasons. According to the Economic Resilience During the Covid-19 Pandemic Report released in October 2022, there has been a rise in fintech since the pandemic started. Google Trends Survey from 2019 to 2020 also shows an 80% rise in search for “mobile payments” in Southeast Asia.

With borders opening back up, people are starting to travel again, and a majority are still using their e-wallets for international transactions because they are loyal to the brand. This is according to a survey of travel sentiment by South China Morning Post and Alipay+.

Alipay+ is a cross-border digital payment platform by Ant Group, which enables users to use a local payment app as they travel overseas. The solution is partnered with over 15 digital payment methods across Asia, including:

• Rabbit LINE in Thailand
• Touch ‘n Go eWallet in Malaysia
• Akulaku PayLater in Indonesia
• BPI in the Philippines

With 2.5 million merchants available, including 350,000 international hotels, stores, and restaurants available on the platform, it can be used for accommodations, retail, food, and drinks.

Not only does Alipay+ help users, but it also benefits merchants as it gives them more options to accept payments, not limited to cash. The platform has become a go-to digital wallet for travelers due to its convenience and versatility. Alipay+ offers a hassle-free payment experience and eliminates the need to carry cash while traveling.

As the world continues to recover from the pandemic, fintech remains a growing industry. Digital payment platforms such as Alipay+ have proven to be essential in today’s digital age. With more and more people relying on these platforms for everyday transactions, the demand for fintech is inevitable to rise in the coming years.