Lotte Duty Free Partners with Alipay Plus... Signs MOU

Lotte Duty Free announced on the 10th that it has signed a memorandum of understanding (MOU) for strategic business cooperation with Alipay Plus. The photo shows Lee Gap, CEO of Lotte Duty Free. Photo by Lee Gap

[Asia Economy Reporter Jeon Jinyoung] Lotte Duty Free (CEO Lee Gap) is restarting marketing targeting global customers in preparation for the post-COVID era. On the 10th, Lotte Duty Free announced that it will sign a memorandum of understanding (MOU) for strategic business cooperation with Alipay+.

The signing ceremony held at Lotte Duty Free headquarters in Jung-gu, Seoul, in the afternoon was attended by Lee Gap, CEO of Lotte Duty Free, Jung Hyungkwon, CEO of Ant Group Korea, and key officials from both companies.

‘Alipay+’ is a global cross-border payment and marketing solution launched by Ant Group in 2020. It supports various countries' simple payment systems such as China’s Alipay, Malaysia’s Touch ‘n Go, Thailand’s TrueMoney, the Philippines’ GCash, and Korea’s KakaoPay.

Through the business agreement, Lotte Duty Free plans to ▲continue adopting Alipay+’s global digital payment solutions ▲launch the Lotte Internet Duty Free mini program within the Alipay app to target the Chinese market.

To expand accessibility for customers from Asian countries, Lotte Duty Free introduced Hong Kong’s ‘AlipayHK’ in April last year, the first in the domestic duty-free industry. Following this MOU, payment systems for four markets including Malaysia, the Philippines, and Indonesia have been additionally launched. Furthermore, it plans to continuously expand simple payment infrastructure across Asia, including Japan and Thailand.

Lotte Duty Free aims to enhance the convenience of duty-free shopping for Chinese and Southeast Asian customers with low credit card penetration through the Alipay+ digital payment solution.

Additionally, to improve the shopping convenience of Chinese customers on the internet duty-free platform, Lotte Internet Duty Free’s mini program will be launched within the Alipay app in March.

Lee Gap, CEO of Lotte Duty Free, said, “This agreement will strengthen the cooperative relationship that has continued since 2012 and serve as an opportunity for Lotte Duty Free to restart global marketing. We will build the best duty-free shopping infrastructure for foreign customers visiting Korea in the post-COVID era.”

This content was produced with the assistance of AI translation services.