The biggest payments firm in China, Alipay, will be available in Europe, in 20 countries, at the end of the year. It is said that the mobile payment platform has signed deals with over 100 banks and 40 digital wallets companies in Europe. Li Wang, Head of EMEA at Alipay’s parent company Ant Financial, spoke to the Dutch newspaper Financieel Dagblad, stating Alipay is ambitious in its growth strategy. Last year, it was active in six European countries, but aiming, as mentioned, for 20 countries by the end of this year. According to Wang, it is clear that “the payments market is changing rapidly in Europe. We’ve noticed that consumers want something different and that is what drives innovation.”
To reach this goal, Ant Financial has raised 11.87 billion euros. With these new funds, Alipay will develop further in Europe. Wang told the Dutch newspaper: “We have a huge advantage over the competition. We have invested millions to discover what works and what doesn’t.” With this information, it wants to invest in European countries where it is already successful, like Russia, and where it is based less, like France.