Alipay

Alipay hopes to increase adoption of the app among SME owners, while spurring consumer spending in China’s coronavirus-hit economy.

The coronavirus pandemic has accelerated China’s collection of big data, especially for contact tracing.

Ant Financial already offers over 4,000 wealth management products.

TransferWise will be able to tap into Alipay’s customer base, which includes more than 1.2 billion people worldwide.

The novel coronavirus has infected patients in more than 100 countries.

Ant Financial’s Alipay is valued at over USD 150 billion and is now expanding quickly outside of China.

The country’s central bank previously asked third-party payment platforms to clear obstacles preventing international tourists to use their mobile payment services.

International visitors had cited not being able to use their mobile phones to make payments as a major annoyance.