Alipay, an online payment platform based in China, has reached a major milestone after it reported exceeding 1B users globally. Following the acquisition of 1 45% stake in Pakistan’s Telenor Microfinance Bank for $184.5 Million, the company also received approval from the State Bank of Pakistan to utilize blockchain.
Speaking about the blockchain implementation initiative, the CEO and Chairman of Alipay’s Ant Financial, Eric Jing, said that:
“The new remittance service is one of the examples of how emerging technologies can assist countries to meet their digital and financial inclusion goals. We’re thrilled to be part of Pakistan’s financial inclusion efforts and we’re dedicated to exploring breakthroughs and applying them to benefit more people in more places.”
Alipay Collaboration With Smart Payment Companies
Since it launched its services to a worldwide audience in 2007 and expanding its mobile services in nine countries, Alipay has realized a significant increase in the number of users on its platform.
According to Tribune Express, the 1 million user milestone has been largely influenced by Alipay’s partnerships with various smart payment companies. Alipay’s Ant Financial Services Group noted that it had joined hands with about 10 major companies, including Thailand’s TrueMoney and India’s Paytm.