AUB introduces Alibaba’s Alipay in the Philippines

ASIA UNITED BANK (AUB) said it is introducing Alipay, the Alibaba Group Holding Ltd.’s mobile payment system, in the Philippines, a move expected to make it easier for Chinese tourists to pay for purchases using their electronic wallets.

AUB Vice-President and Credit Cards Business Head Maria Magdalena V. Surtida said the bank’s partner merchants can now accept Alipay payments through AUB PayMate.

Alipay is the largest mobile and online payment platform in the world with over 800 million users worldwide and is available in 40 countries.

Through the mobile app, the merchant’s smartphone will display a quick response (QR) code which the Chinese customer can scan and pay.

“Alipay merchants enjoy next-day payments from AUB. To be accredited, merchants simply need to fill out our accreditation forms, open an AUB deposit account, have a smartphone, an internet connection, download the AUB PayMate App and undergo a quick and easy training from AUB,” Ms. Surtida was quoted as saying in the statement.

Alipay also provides marketing portals for large and small merchants to reach their Chinese target audience.

The Department of Tourism reported in January that China was the secondlargest tourism market in 2017, with the Philippines welcoming 968,447 travellers last year. This was 43.33% higher than the figure in 2016 due to “added air routes and the visa upon arrival option for Chinese nationals.”

“With AUB’s very strong merchant network and deep market knowledge, Alipay is confident that Chinese travellers coming to Philippines for work or play will find greater convenience in using mobile payment when they visit shopping malls, tourists attractions, stay in hotel or travel around the many beautiful Philippines islands,” Rain Huang, Alipay business director for the Philippines, was quoted as saying.

Aside from Alipay, AUB partner merchants are also able to accept digital payments using WeChat Pay of Tencent Holdings Ltd., Alipay’s main competitor.

The lender is also set to launch its own digital wallet called AUB Pay to take advantage of its customer base.

AUB booked a net income of P2.8 billion in 2017, 23% higher than the P2.3 billion logged in the previous year, supported by growth across its businesses.