Ant Fi­nan­cial joins pay­ment plat­form

The Pak Banker - - BUSINESS - -AP

BEI­JING: Ant Fi­nan­cial Ser­vices Group has be­come a new tech­ni­cal as­so­ciate of in­ter­na­tional se­cure-pay­ments con­sor­tium EMVCo, ac­cord­ing to a re­cent an­nounce­ment of EMVCo, a move that will pro­vide fresh im­pe­tus to the Chi­nese com­pany's go­ing global ef­forts.

EMVCo said in the state­ment that Ant Fi­nan­cial, along with seven other or­ga­ni­za­tions, has joined the pro­gram as tech­ni­cal as­so­ciates of the con­sor­tium in the past 12 months and is play­ing an "ac­tive role" in the tech­ni­cal direc­tion of Euro­pay, Master­card, and Visa spec­i­fi­ca­tions. Ant Fi­nan­cial had no com­ment at this time. The other com­pa­nies join­ing the pro­gram in­clude Switzer­land-based on­line pay­ment se­cu­rity firm Trux­tun Cap­i­tal, Ja­pa­nese tech firm NTT Data Corp and Ger­man elec­tronic-de­vice test­ing and cer­ti­fi­ca­tion lab­o­ra­tory CTC Ad­vanced GmbH. "The en­gage­ment of EMV stake­hold­ers in the as­so­ciates pro­gram is not just de­sir­able, but fun­da­men­tal to EMVCo," said Cheryl Mish, chair of the EMVCo Board of Man­agers. An­a­lysts said that Ant Fi­nan­cial's tight­ened re­la­tion­ships with the con­sor­tium will help it re­duce re­peated in­vest­ments in tech­nolo­gies as well as train­ing costs for deal­ing with merchants and cus­tomers in over­seas mar­kets. Ant Fi­nan­cial now op­er­ates Ali­pay, one of the world's largest mo­bile and on­line pay­ment plat­form, con­trol­ling more than 50 per­cent of China's mo­bile mar­ket where QR code, or quick re­sponse code, has be­come dom­i­nant in the dig­i­tal pay­ment sec­tor. EMVCo, an or­ga­ni­za­tion whose mem­bers in­clude Visa, Master­Card, JCB, Amer­i­can Ex­press, Dis­cover and China's UnionPay, is in charge of set­ting uni­fied se­cure-pay­ment stan­dards for adop­tion in the global mar­ket­place.

"Given EMVCo's wide global pres­ence and great in­flu­ence, there is no doubt that the al­liance will in­crease Ali­pay's cred­i­bil­ity in the world and help the com­pany to go global," said Li Chao, se­nior an­a­lyst of con­sul­tancy iRe­search. The lat­est move came af­ter Ant Fi­nan­cial signed a part­ner­ship agree­ment last week with Cam­bo­dia's Pi Pay, al­low­ing cus­tomers to use their Ali­pay wal­lets to pay at Pi Pay's point of sale pay­ment sys­tems across Cam­bo­dia, mark­ing an­other step for­ward in glob­al­iza­tion.

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.