Alipay expands with new bank partners
Alipay+ is expanding its network of bank partners as demand for cross‑border mobile payments rises across the Asia‑Pacific region.
Hang Seng Bank joins the Alipay+ platform
Hang Seng Bank became the first Hong Kong banking partner to integrate Alipay+. Customers using the Hang Seng mobile app can now scan QR codes to pay in mainland China and at more than 100 million merchants in over 55 countries and regions. The integration relies on a single API connection that lets the bank tap into Alipay+’s reach in more than 220 markets worldwide.
Growth prospects for outbound payments
Analysts project that outbound cross‑border payment volume from Asia Pacific will outpace the global average, potentially reaching 3.7 trillion by 2032. That figure would be almost double the volume recorded in 2024. The surge is linked to broader adoption of digital wallets and an increase in both consumer‑to‑consumer and consumer‑to‑business transactions.
For banks, the expanding market presents an opportunity to generate new revenue streams and deepen digital engagement. By offering a familiar QR‑code interface, institutions can simplify transactions for users who already rely on mobile apps for everyday banking.
Alipay+ also links with more than ten national QR systems, including Malaysia’s DuitNow, Thailand’s PromptPay and Uzbekistan’s HUMO. This network helps banks avoid negotiating separate contracts with merchants in each target market, enhancing payment security and easing rollout of mobile‑payment services.
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Beyond processing, the platform supports the Alipay+ Super App ecosystem. Partner banks can embed mini‑programs and plug‑in solutions that cover travel bookings, social features and other services, broadening the range of activities users can perform within a single app.
Improving customer experience has become a priority as macroeconomic conditions remain uncertain. Data from a leading consultancy shows that banks that boost user satisfaction tend to achieve higher returns, faster growth and lower operating costs, which can translate into stronger shareholder performance.
Several banks have already connected their customers to Alipay+. In the Philippines, the Bank of the Philippine Islands and Asia United Bank participate, while Kasikorn Bank and Siam Commercial Bank have joined from Thailand.
Ant International also offers other platform‑based solutions. Its Falcon TST AI FX model, which claims up to 93 % accuracy in long‑term foreign‑exchange forecasts, is used by institutions such as Citi and Barclays. Additionally, the company’s blockchain solution Whale enables near‑instant, round‑the‑clock cross‑border liquidity transfers, with partners like Standard Chartered and HSBC integrating the technology into their existing systems.
