8 Years in Korea, Alipay: "Payment Will Soon Be Possible at Hidden Korean Restaurants"
Expansion Strategy Focused on Small and Medium Franchise Stores
Alipay, the Chinese Ant Group's simple payment service that has been offering offline payment services in Korea for 8 years, announced plans to expand its payment network mainly to domestic small and medium-sized merchants in the future. Amid the increasing number of Chinese tourists, the company intends to cover not only existing tourist spots such as Myeongdong and Hongdae but also popular domestic locations like Seongsu and Apgujeong.
On the 11th, Jung Hyung-kwon, CEO of Ant Group Korea, held a press conference in Jung-gu, Seoul, to introduce this business strategy. CEO Jung explained, "In the past, many Chinese tourists visited Myeongdong and Hongdae, but recently they have been frequently visiting places like Seongsu and Apgujeong, and there is a trend of seeking hidden gem restaurants in small and medium-sized merchants rather than large franchises. We will focus on recovery from COVID-19 and enable payments in small and medium-sized merchants in Korea just like in China."
Given the increasing number of Chinese and Southeast Asian tourists, the company plans to actively target this market. Payments made through Alipay Plus, Alipay's nationwide payment network in Korea, increased by about 700% compared to the beginning of the year as of October. CEO Jung said, "Demand for services such as dermatology and plastic surgery is steadily increasing, and interest in high-end dining establishments is also growing. We will actively expand our merchant network."
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Alipay first entered Korea in 2015, expanding its services targeting Chinese tourists. Since then, it has collaborated with domestic simple payment companies such as KakaoPay and ZeroPay to increase usage locations. This year, efforts have been focused on enabling Korean travelers to use domestic simple payment services like KakaoPay, Naver Pay, and Toss Pay at overseas Alipay Plus merchants. Payments are already possible at Alipay Plus merchants in over 40 countries worldwide.
Jung Hyung-kwon, CEO of Ant Group Korea, is holding a press conference on the 11th at Ant Group Korea in Jung-gu, Seoul.
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