Mashreq Bank in payment partnership with Alipay

21/03/2018 06:13 AST

Mashreq Bank on Tuesday announced its partnership with Alipay, the world's largest online and mobile payment platform operated by Ant Financial Services Group.

The association with Alipay, enables Chinese customers carry out payments at merchant outlets using their Alipay digital wallets. Alipay currently has over 600 million active users in China and almost all Chinese tourists travelling overseas are Alipay users. According to Dubai Tourism, UAE represents one of the fastest-growing tourist destinations for the Chinese, with 41 per cent increase in the number of Chinese visitors last year. Recent developments like visa on arrival will add further impetus to the growing number of Chinese tourists in the country.

"The UAE remains a popular tourist destination, having hosted an estimated 700,000 Chinese tourists in 2017 and growing at an exponential rate. The launch of Alipay allows retail merchants in the UAE to target Chinese customers and offer them a seamless payment experience of using their Alipay digital wallets, something they are comfortable and familiar with," Pankaj Kundra, Head of Payments at Mashreq Bank, said in a statement on Tuesday. Launched in 2004, Alipay is expanding to in-store, offline payments both inside and outside of China. Over 40 million brick-and-mortar merchants now accept Alipay across China. Alipay's in-store payment service for Chinese mainland visitors covers 40 countries and regions across the world.

"As the largest digital payment platform in China, Alipay not only supports cashless payment, but is also an ideal marketing platform for overseas merchants to reach their potential customers in China, before and during their journey. Chinese visitors can receive location-based merchant information, collect exclusive coupons, and enjoy value-added services such as instant tax refund at airports," said Li Wang, Head of Alipay EMEA.

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