Alipay+, a payment network under Ant International, has added Hang Seng Bank as its first banking partner in Hong Kong.
With this partnership, eligible Hang Seng Mobile App users can now use Alipay+ QR payments at more than 100 million merchants across 55-plus countries and regions, including Mainland China.
This is part of Alipay+’s goal of expanding its network with banks from different countries. Its bank partners include Public Bank Berhad in Malaysia, Bank of the Philippine Islands (BPI) and Asia United Bank (AUB) in the Philippines, OCBC in Singapore, Kasikorn Bank and Siam Commercial Bank in Thailand, and Vietcombank in Vietnam.
As of the moment, Alipay+ is connected with more than 50 digital wallets and financial institutions and is accepted in more than 220 markets worldwide.
Cross-Border Payments: All the Way with Alipay+
By joining Alipay+, banks can give their customers access to a wider network of merchants through one integration instead of having separate connections with different merchants or payment networks in every country.
Alipay+ is also connected to some national QR payment systems, including DuitNow in Malaysia, PromptPay in Thailand, and HUMO in Uzbekistan. With this, users from participating banks and digital wallets can make payments in different countries using a payment system that they are already familiar with.
For example, an eligible Hang Seng Bank customer visiting another country can use their Hang Seng Mobile App to make QR payments at participating Alipay+ merchants. This can give travelers another payment option without needing to rely only on cash or set up another payment account before making purchases.
The partnership is not only for QR payments. Alipay+ also offers a platform that allows bank partners to add other services to their mobile applications, such as travel bookings and other digital features.
This can also give customers more reasons to continue using their mobile banking application for other activities.
International Connections Rise Through QR Payments
According to Ant International, the continued growth of outbound cross-border payments in the Asia-Pacific region is one of the reasons behind the expansion of Alipay+. The payment volume is expected to reach $3.7 trillion by 2032, which is around double the 2024 level.
The growth is supported by the increasing use of digital wallets and the growing number of people traveling across different countries in the region. With more people traveling and using digital payment methods, banks and payment companies are looking for new ways to make cross-border payments easier.
With the growth of digital payments in the Asia-Pacific region, Alipay+ is not the only payment network operating in this space. Other payment networks such as Visa and Mastercard are also involved in cross-border payments.
Various Southeast Asian countries are also working toward making QR payments more connected across borders.
Digital Financial Services Across Borders
This shows how digital financial services are expanding, and QR payments are one of the methods being used to make financial transactions easier.
People who travel abroad may not need to depend only on cash or exchange money before traveling. Users can use their existing bank accounts through mobile applications when making payments abroad, as long as the payment service is supported.
The addition of Hang Seng Bank also gives Alipay+ a stronger presence in Hong Kong, which is an important market for travel and financial activity between Hong Kong, Mainland China, and other countries.
As more banks and digital wallets become connected to cross-border payment networks, users can have more options when making payments while traveling or conducting transactions across countries.
