Editing by Nathaniel Cajuday
Chinese fintech giant Ant Group announced its partnership with four Asian e-wallets, namely: GCash; Hong Kong’s AlipayHK; Malaysia’s Touch ‘n Go eWallet; and Thailand’s TrueMoney, to make cross-border transactions when traveling to South Korea.
This collaboration marks the first time for the leading mobile payment providers from the Southeastern region of Asia, together with Hongkong, to extend their services in South Korea through Alipay+.
According to the firm, it will cater to over 120,000 merchants in the country. The first batch of merchants includes taxi drivers, Duty-Free stores, and convenience stores.
“It is our pleasure to connect merchants in Korea with a variety of mobile payment methods, enabling Asian tourists to pay with convenience and simplicity in Korea using their preferred home e-wallets,” said Danny Chung, General Manager of Ant Group Korea, Australia, and New Zealand
Alipay+ was launched in 2020. It provides services and digital tools to global merchants and e-wallets. This enables them to offer their clients the ability to make payments in overseas markets with the use of their local e-wallets.
Moreover, Alipay+ aims to provide integrated global mobile payment and marketing solutions. This connects merchants with multiple e-wallets and payment methods from different countries and regions. Users can conveniently use their preferred local payment methods while transacting seamlessly in a different market. Users can also enjoy marketing offers by merchants through Alipay+. Alipay+ is developed by Ant Group, the owner and operator of Alipay.
In early September 2022, South Korea placed a halt to their pre-departure COVID-19 test requirements for overseas travelers. This is in line with other countries like Japan which also removed these protocols.
“With South Korea being one of the most popular destinations of Filipinos, we are delighted that our customers will be able to maximize their GCash app during their travels. This collaboration with Alipay+ provides our users the convenience they need to easily transact and manage their expenses with GCash. This innovative partnership aligns with our vision of financial inclusion and is a huge step towards building a cashless ecosystem, worldwide,” said Martha Sazon, President and CEO at Mynt, which operates GCash.
In recent news, the Philippine Stock Exchange (PSE) revealed that it has tied up with GCash to allow the users of the mobile wallet to invest in the stock market. This will be implemented by the end of the year. (For more information, read PSE to Open Stock Trading Via GCash)
GCash has also added another layer of protection for its users by putting anonymously its client’s name when making transactions to eradicate, or if not lessen the scammer’s scheme of using the names of mobile owners in their automated SMS messages. (For more information, read GCash Anonymizes Usernames To Combat Spam Messages)
This article is published on BitPinas: GCash Users Can Now Transact in South Korean Stores via Alipay+
Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.