One day after announcing its best “Singles Day” shopping event sales figures yet, Chinese mobile payment app Alipay said today that it was making its way to Vietnam.
The decision to launch in Vietnam is indeed good timing, as an increasing number of Chinese travelers are choosing Vietnam as their top travel destination.
In fact, based on reports, Vietnam saw a 51% rise in tourists in the first seven months of 2017 from 2016, with over 2.2 million Chinese visitors. Among the 10 million visitors Vietnam sees, Chinese tourists constitute the largest group.
Today, Ant Financial, the operator of Alipay, entered into an agreement with National Payment Corporation of Vietnam (or NAPAS, the country’s national clearing company) to outline a strategic partnership that will allow Chinese Alipay customers to use Alipay when travelling in Vietnam.
In a statement Tuesday, Madam Nguyen Tu Anh, NAPAS chairwoman said:
The collaboration with Alipay is part of our strategy to expand international co-operation and to explore new payment solutions, allowing for a better connection between the banks, the merchants/service providers and the consumers.
Alipay will work with NAPAS and the State Bank of Vietnam to ensure that it is in full compliance with the country’s regulations.
Once live, Chinese tourists will be able to use Alipay in Vietnam, via NAPAS member banks and its intermediary payment service networks, according to the announcement.
The partnership will also include the possibility of letting Vietnamese consumers use NAPAS-branded cards issued by NAPAS’s bank members to shop on e-commerce sites such as AliExpress and Taobao, which are under the Alibaba Group.
Ant Financial and NAPAS did not provide a timeline for when Alipay will go live in Vietnam.
Established by 2004, Alipay has over 520 million active users and over 200 domestic financial institution partners.
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