Alipay+ integrates into SGQR
QR payments have been a game changer, especially in Southeast Asia. Today, almost every registered business in the region uses QR payments as a preferred transaction method. Not only are QR payments convenient, but they’re also more secure and can be easily credited into the accounts of businesses compared to traditional payments.
In fact, the global QR code payment market size is expected to reach US$33.13 billion by 2030, growing at a CAGR of 16.9% from 2023 to 2030. In Southeast Asia, the growing mobile population is the biggest enabler of QR payments in the region. Some ASEAN countries are also enabling cross-border payments through QR codes.
However, there was still a challenge when QR payments initially started. Most businesses would normally have to display multiple QR codes on their premises to cater to the different financial service providers offering QR payment services. Today, this is no longer a problem thanks to unified QR payments.
Singapore’s SGQR is the world’s first unified payment QR code. It is a single standardized QR code for e-payments and combines multiple payment schemes into a single SGQR label. Consumers just need to look out for the SGQR label to see which payment options a merchant accepts.
With Singapore leading QR payments in the region, Alipay+ through its partnership with Network for Electronic Transfers (NETS) has now been integrated into SGQR as well. Alipay+ is now also one of the available payment schemes at about 11,000 hawker stalls in Singapore. Users of Alipay+ partner e-wallets can pay via SGQR displayed at stalls by opening their home e-wallet apps and scanning the SGQR.
As a suite of global cross-border digital payments and marketing solutions, Alipay+ enables businesses, especially small and medium-sized businesses, to process a wide range of mobile payment methods and reach one billion regional and global consumers, through one-time integration and simple technical adaption. Alipay+ currently supports six partner e-wallets in Singapore, including Alipay from the Chinese mainland, AlipayHK from Hong Kong SAR, China, Touch ‘n Go eWallet from Malaysia, GCash from the Philippines, TrueMoney from Thailand, and Kakao Pay from South Korea. Alipay, one of Alipay+’s e-wallet partners has already been integrated into SGQR earlier since 2019.
For Dr. Cherry Huang, General Manager of Alipay+ Offline Merchant Services at Ant Group, Alipay+’s integration into SGQR makes it more convenient for foreigners traveling to Singapore as it enables them to pay with their home e-wallets which they are familiar with.
“Tourists no longer have to worry about trying to find the right amount of cash to pay in a bustling environment like hawker centers. We look forward to continuing to partner with NETS to drive digital payments innovation and acceptance, connecting thousands of merchants in Singapore with digital consumers in the region,” said Dr. Huang.
“At NETS, we believe that every business should have access to digital payment solutions. By facilitating digitalization for hawkers through collaborations with partners such as Alipay+, we are empowering small businesses to better serve their customers whilst providing them opportunities to expand their customer base,” commented Lawrence Chan, Group CEO of NETS.
In addition to NETS, Ant Group has also formed partnerships and collaborations including the Singapore Tourism Board (STB), Changi Airport Group, Resorts World Sentosa, ComfortDelGro Taxi, and many other local merchants and brands to bring best-in-class digital payment solutions to enhance the travel experience in Singapore.
Data from STB shows that more tourists are visiting Singapore. From January to March 2023, there was a month-on-month increase in the number of international visitors, with Asian tourists forming the majority of arrivals. Malaysia, South Korea, the Philippines, China, and Thailand are in the top ten for visitor arrivals to Singapore in the first quarter.
Meanwhile, popular Asian e-wallets are helping iQIYI, a leading international streaming platform, accelerate its expansion through Alipay+ which helps digital and entertainment (D&E) platforms reach consumers looking for quality online video content.
In 2022, more than one million consumers outside the Chinese mainland, mostly in Southeast Asia, used Alipay+ partner e-wallets, including TrueMoney (Thailand), GCash (The Philippines), DANA (Indonesia), Touch ’n Go eWallet (Malaysia) and Kakao Pay (South Korea) to pay for subscriptions or content on iQIYI’s international app.
In addition to these alternative payment methods, since 2023, Alipay+ has started offering customized marketing solutions through the Alipay+ Rewards program to enable merchant partners to expand their market outreach efforts. On iQIYI’s international app, the number of new users making subscription payments through GCash, DANA, and Touch ’n Go eWallet have increased respectively by 100%, 90%, and 50% in March 2023, compared with the end of 2022.
iQIYI ranks fifth among OTT platforms globally and was named the top Asian OTT to watch Chinese-language, Thai, and Malay dramas across major SEA markets. In April 2023, AlipayHK, the largest active e-wallet in Hong Kong SAR, China, became the latest Alipay+ partner wallet to support payment on iQIYI International App.
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