Briefing: AlipayHK gained 2 million users and 50,000 merchants its first year

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支付宝宣布AlipayHK用户数超200万 5万商家已接入 – CnBeta

What happened: Ant Financial’s mobile payment app, AlipayHK, said it has more than two million users and 50,000 cross-border payment merchants since its launch in Hong Kong a year ago. AlipayHK is a localized standalone app for Hongkongers, providing services including mobile payment and peer-to-peer transfers. The payment platform will focus on increasing adoption on public transportation and further expand its cross-border payment services during its second year. The company also revealed a new feature, EasyGo, which enables users to pay for public transport fares by scanning a QR code.

Why it’s important: Chinese payment giants, namely Alipay and WeChat Pay, have been eager to expand outside of their saturated home market. AlipayHK expanded its mobile payment service to the Greater Bay Area and Japan this month. The bigger challenge is to increase merchant adoption since many Chinese tourists traveling abroad, whether to neighboring destinations or more distant countries, already use these payment apps. As the number of Chinese tourists rise, its very likely there will be more merchants around the world accepting Chinese payment apps.