(Yicai Global) Oct. 24 -- Chinese visitors can soon use Ant Financial Services Group's third-party payment platform Alipay to pay for taxi rides in South Korea's capital Seoul. The city will join hands with other firms to popularize the use of QR barcodes for transfers.
QR code payments, including Alipay, will be available in over 70,000 cabs in January, South Korea's Yonhap News Agency reported yesterday, citing the country's government.
China is the world's largest market for mobile transactions and Chinese visitors make up over 30 percent of foreign travelers to South Korea so the cross-border expansion of mobile transfers is bound to receive a warm welcome.
Ant Financial reached a USD200 million deal with Korean internet company Kakao last February to integrate functions on their mobile wallets. The Jeju-based tech firm's platform KakaoPay will accommodate payments from Chinese tourists to 34,000 Alipay merchants in South Korea. Alipay will also accept transfers from KakaoPay.
The Hangzhou-based Chinese firm already successfully tested its service in taxis in the cities of Pyeongchang and Gangneung during the Winter Olympics in February. Chinese users may use Alipay in cabs in more than 15 countries and regions around the world, including Singapore, Malaysia, the US, Italy and Australia.
Editor: Emmi Laine