HONG KONG--(BUSINESS WIRE)--ATB Holdings has reported that Alipay will expand into South Africa with the help of their partners ACI Worldwide and the South African company Peach Payment to work with City Sightseeing, the service will facilitate buying tour tickets from the tour operator’s buses.
“Alipay has around 400 million active registered users, this is not the only reason that private investors are buying up shares in Alibaba but for the fact that this figure is only going to increase with its expansion into other continents such as South Africa,” Said Mitchell Newman, Senior Vice President at ATB Holdings.
The company’s commitment to its Chinese customers explained the benefit of being part of the largest online store in the world.
“African merchants will see the immediate benefit from joining the company’s growing list of worldwide merchants by getting an access to the world largest outbound tourism market,” Commented William Harper, who is the Head of Global Mergers & Acquisitions at ATB Holdings.
Ant Financial, Alibaba’s financial arm merged with helloPay, the Singaporean based payment provider, in April and launched a bid to buy US based company Moneygram for $1.2 billion. Earlier this year they invested $177 million in the biggest Indian mobile payment company, Paytm.
Since its inception, Alipay has grown to be a lifestyle enabler, you can buy cinema tickets, make doctor appointments, pay your utility bills, book hotels, and much more using the service.
“Alipay is expanding globally to service over a 135m Chinese tourists travelling every year,” said Michael Hudson, Director of Mergers & Acquisitions at ATB Holdings.
The company has recently started expanding in in-store offline payment replacing conventional POS systems. Alipay operates in 24 countries and has 120,000 stores in its portfolio.
About: ATB Holdings is a private wealth management company for retail and corporate clients. Established in late 2008 ATB Holdings has been pursuing the interests of its clients by offering various financial products and instruments through careful tailored advice to meet their requirements.