By Bahk Eun-ji
Alipay, a China-based online payment service provider, has launched Alipay Wallet, the mobile application version of its electronic payment service, Korea Information and Communications (KICC) said Thursday.
Alipay is a Chinese e-commerce giant Alibaba group financial service affiliate, with more than 800 million users. It makes up nearly half of China's online payment market.
Last year, Seoul adopted a barcode recognition system for the Alipay app, but it wasn't available right away, as there was controversy over the QR code security.
KICC said Chinese tourists are now able to use Alipay mobile app on their phones to purchase goods in shops in Korea.
Industry observers expect the introduction of the service to help boost spending by Chinese tourists here.
The mobile payment service is widely used instead of cash and credit cards offline especially for taxis, department and convenience stores in China.
When Chinese customers download the Alipay Wallet, which is connected to their bank account or credit cards, the customers can simply place their smartphone in front of a barcode scanner to make payment.
Chinese tourists prefer paying in cash to paying with credit card, as they are afraid of credit card cloning.
KICC said the payment service will make shopping much more convenient for Chinese tourists here.
Previously, they had to withdraw money from their accounts in China to settle payments. It is inconvenient for them, as it requires transaction fees.
Alipay plans to set up terminals at shops frequented by Chinese tourists. It will be adapted at famous fashion brand shops and convenience stores first sometime this month, and then department stores and duty free shops.
Other stores will gradually use the system within a few months.
The shops will be paid by Hana Bank, and Alipay will pay the bank later. Hana bank has teamed up with Alipay to launch the service since February.
Alipay has been targeting Chinese tourists in Korea, and Hana Bank also has been seeking new earnings sources in the financial technology (fintech) field, where IT converges with finance to provide diverse services such as mobile payments, money transfers and asset management.
Alipay, a China-based online payment service provider, has launched Alipay Wallet, the mobile application version of its electronic payment service, Korea Information and Communications (KICC) said Thursday.
Alipay is a Chinese e-commerce giant Alibaba group financial service affiliate, with more than 800 million users. It makes up nearly half of China's online payment market.
Last year, Seoul adopted a barcode recognition system for the Alipay app, but it wasn't available right away, as there was controversy over the QR code security.
KICC said Chinese tourists are now able to use Alipay mobile app on their phones to purchase goods in shops in Korea.
Industry observers expect the introduction of the service to help boost spending by Chinese tourists here.
The mobile payment service is widely used instead of cash and credit cards offline especially for taxis, department and convenience stores in China.
When Chinese customers download the Alipay Wallet, which is connected to their bank account or credit cards, the customers can simply place their smartphone in front of a barcode scanner to make payment.
Chinese tourists prefer paying in cash to paying with credit card, as they are afraid of credit card cloning.
KICC said the payment service will make shopping much more convenient for Chinese tourists here.
Previously, they had to withdraw money from their accounts in China to settle payments. It is inconvenient for them, as it requires transaction fees.
Alipay plans to set up terminals at shops frequented by Chinese tourists. It will be adapted at famous fashion brand shops and convenience stores first sometime this month, and then department stores and duty free shops.
Other stores will gradually use the system within a few months.
The shops will be paid by Hana Bank, and Alipay will pay the bank later. Hana bank has teamed up with Alipay to launch the service since February.
Alipay has been targeting Chinese tourists in Korea, and Hana Bank also has been seeking new earnings sources in the financial technology (fintech) field, where IT converges with finance to provide diverse services such as mobile payments, money transfers and asset management.
