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Alipay to Open 40M Stores in its Three-Year Plan

Alipay, operated by Ant Financial, announced its three-year plan – to open 40 million service providers.

Alipay, the world’s largest mobile and online payments platform, operated by Ant Financial, is a lifestyle platform based on real-name authentication and creditworthiness. Alipay is used in smartphones with its Alipay Wallet app.

The Alipay app also provides features such as credit card bills payment, bank account management, P2P transfer, prepaid mobile phone top-up, bus and train ticket purchase, food order, ride-hailing, insurance selection, digital identification document storage. Alipay also allows online check-out on most Chinese-based websites such as Taobao and Tmall.

The financial services giant announced its three-year plan to open up to 40 million service providers to support digital transformation in China.

“The service sector in China is still in the nascent stages of digital transformation, and that means it has huge untapped potential,” said Simon Hu, CEO of Ant Financial. “Amid the ongoing coronavirus outbreak, we have also seen how digital technology can be used to help service providers become more agile and respond effectively to the fast-changing market environment,” said Simon.

The said plan marks a major milestone as Alipay continues its efforts to strengthen its presence in China.

“Building a one-stop digital lifestyle platform not only creates immense value for our users, but it will also play an essential role in accelerating the digital transformation of the services industry and unlocking more growth opportunities,” added Simon.

Amid coronavirus (COVID19) outbreak, consumer demand for digitalized services has seen rapid growth. Research shows that the 2019 demand increased by 300% more than in 2018.

“Since the very beginning, Alipay’s success has always depended on the success of our partners, and that is why we believe the only way to best serve consumers is to open up our platform further, so service providers can better tap into consumer demands,” Simon said.

Alipay claims it operates with more than 65 financial institutions including Visa and Mastercard to provide payment services for Taobao and Tmall as well as more than 460,000 online and local Chinese businesses.

The Alipay app allows users to add their own services provided form different companies to create a more personalized experience.

Under the three-year plan, Alipay will be working with 50,000 Independent Software Vendors to help the 40 million service providers digitalized their own operations.