Users in the US, the UK and other parts of Europe can now avail themselves of the digital payment service
After finding great success in its home market of China, digital payment platform Alipay—operated by Alibaba affiliate Ant Financial—has its sights set on expanding overseas.
According to data from Analysys International Enfodesk, Alipay holds a comfortable position in its home market. In Q4 2016, Alipay accounted for 54.1% of mobile payment transactions in China, while Tencent’s payments service Tenpay made up 37.0%.
But the service has set its sights on overseas expansion, even though it will encounter some significant hurdles in those efforts. Alipay faces local incumbents, different consumer habits and regulatory obstacles from protectionist policies in some countries, especially in tightly regulated industries like financial services.
To increase its chances of success in foreign markets, Alipay is targeting…