RevoluGROUP Canada Inc. has reached an agreement on 11th February 2021 to integrate the large, highly recognized Chinese Payment processing entity ALIPAY into RevoluPAY and upcoming white-label platforms.
RevoluGROUP Canada Inc. (TSX-V: REVO Frankfurt: IJA2) is pleased to announce that it has reached an agreement on 11th February 2021 to integrate the large, highly recognized Chinese Payment processing entity ALIPAY into RevoluPAY and upcoming white-label platforms. Final coding integration has already commenced and is expected to conclude by the 14th of March 2021.
About ALIPAY
ALIPAY is a brand of Alibaba’s fintech affiliate Ant Group formerly known as Ant Financial. The group owns China’s most prominent digital payment platform Alipay, which serves approximately 1.3 billion users and 80 million merchants worldwide. Alipay maintains a 54% share and Tenpay 39% of the Chinese mobile-payments market by value. However, unlike competitor Tenpay, Alipay opened its online payment systems to foreign users in November 2019. As a result of worldwide adoption since 2019, Alipay surpassed PayPal as the most utilized digital payment platform, tripling the U.S giant’s annual transaction volumes. According to the Brookings Institution, Mobile payments in China alone have reached over $41 trillion (277 trillion yuan) annually; meanwhile, acceptance and use of Alipay have also grown exponentially outside of China.