Ant Financial gained about 100m new clients last year, taking its total above 500m, almost 10 times the level of the world’s biggest banks. One bank chairman noted that Ant now have “huge amount of data” and “a great ability to make credit decisions”. The tone of jealousy was hard to miss. They are now soon getting bigger than the biggest telco in terms of reach
Retailers across the U.S. face the pressure of competing with Amazon and others amid dwindling foot traffic at stores. But as Alipay expands its presence in North America, one salve may lie with Chinese tourists ready to spend, using a platform they know and love, as Souheil Badran, Alipay North America president, told Karen Webster. Picture 625 million wallets, ready to open for the right retail experience. Of that, picture 120 million wallets right in your own backyard, flush with cash and credit. No dream, this: Alipay is expanding its efforts and footprint in North America to capture discretionary spending as Chinese tourists flock to the region for culture and entertainment … and spend on everything from food to handbags.