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Alipay partners CCPay to widen cashless payment platform in Singapore

By Liu Hongzuo - on 23 Aug 2017, 2:54pm

Alipay partners CCPay to widen cashless payment platform in Singapore

Alipay, a giant Chinese mobile payment provider, is partnering CCpay, a local startup, in an attempt to port its cashless payment platform to Singapore.

On Tuesday, Alipay signed a deal with CCPay (owned by CC Financial Services Pte Ltd) to increase the number of Alipay acceptance points, boosting its existing 20,000 points in Singapore. Of the current 20,000, 17,000 are for taxis with Comfortdelgro and Prime Taxi, while the remaining 3,000 are in physical shops located at tourist-heavy locations around the island.

The new deal will bring more points to People's Park Complex and Chinatown this Friday, and both Alipay and CCPay are planning to expand these options further to Bugis, Geylang, and Clementi. Since CCPay is handling the transactions on Alipay’s behalf, users need not register for an Alipay account to utilize the cashless platform.

This expansion primarily targets Mainland Chinese tourists, expats, and residents that are in Singapore, in a bid to get Mainland China citizens (who are already familiar with the Alipay platform) to spend more dollars here.

According to The Business Times, local businesses that complete Alipay transactions here will see the customer paying in Singapore Dollars (SGD), and the Mainland Chinese customer would be charged in Renminbi (CNY). Alipay would then report the deducted amount to the local business in SGD, ensuring that the merchant here will receive the money in local currency. The customer will bear the cost of all conversion rates, on top of possible admin and transaction costs. Alipay profits by taking a cut of CCPay’s transaction fees.

CCPay is working with 600 merchants since its founding in March 2017, and they are looking to expand that number to 6,000.

According to the Singapore Tourism Board, tourists from China represent Singapore's second largest source market. In 2016, there were 2.86 million visitors from China.

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