Alipay, the China-based third party mobile and online Payment Platform will start operation in Pakistan soon.
The collaboration between the Pakistani government and Alipay, a venture of Alibaba Group, will pave the way for growing transactions in the E-commerce industry of Pakistan.
Alipay is a leading payment & digital lifestyle platform serving over 1.3 billion users globally. The platform has the biggest share in the Chinese market. Internationally, more than 300 Worldwide merchants use Alipay to sell directly to consumers in China. It currently supports transactions in 18major Foreign currencies.
In Pakistan, there are several mobile payment services in operation which primarily have been offered by telecom operators with a large number of cellular subscribers. However, limited international applications have kept the penetration rate of the payment portals relatively low.
The entry of Alipay will intensify competition, improve the quality of service and reinvigorate the entire landscape of the Industry.
Moreover, as a result of the China-Pakistan Economic Corridor (CPEC), there has been a substantial increase in business and leisure travelers from China accustomed to using their trusted medium of Payment.
Now that Alipay is to Launch operation in Pakistan, these visitors will be more comfortable in their monetary transaction and can be expected to bring more revenue to Pakistan.