[THE INVESTOR] China’s largest payment platform Alipay is now available at 1,230 Starbucks stores in Korea, Ant Financial, the financial arm of China’s e-commerce giant Alibaba, said on Feb. 9.
Ant Financial said Starbucks’ adoption of an Alipay wallet will give Chinese tourists easier access to the global coffee chain.
In 2016, Alipay signed a memorandum of understanding with Shinsegae Group, the operator of Starbucks Korea, to use its services at the Korean retail giant’s affiliates. Last year, Shinsegae’s supermarket chain E-mart and convenience store franchise Emart 24 adopted Alipay.
“Alipay is expanding its partnership with big franchises, as well as small enterprises in Korea, and will help increase demand from Chinese customers,” said Jung Hyung-kwon, Ceo of Alipay Korea.
More than 50,000 stores in Korea, ranging from duty free shops to restaurants, receive an Alipay wallet, according to Ant Financial.
By Park Ga-young (firstname.lastname@example.org)