Alipay+ parent company Ant International eyes Argentina expansion

Ant International, the Singapore-based fintech company behind the popular digital payment platform Alipay+, is actively exploring business expansion in Argentina. Two executives from the company recently visited the country for the first time to identify potential business opportunities, signaling a growing interest in the South American market.

The company's increased engagement with Argentina is evident through several recent initiatives. Ant International became an official sponsor of the Argentine National Football Team for the Asia region and appointed Spanish tennis player Carlos Alcaraz as a global brand ambassador. Furthermore, it launched its cross-border payment service, Alipay+, locally in Argentina, marking its first venture into Latin America.

Ant International's core service, Alipay+, functions as a payment facilitator for international travelers, particularly those from Asia. In countries like China, South Korea, and the Philippines, mobile payment apps are the primary method of transaction, with credit cards used infrequently. Alipay+ bridges this gap by allowing tourists to use their familiar digital wallets, such as Kakao Pay, Toss Pay, GCash, TrueMoney, and Bluecode, to make payments in Argentina. This is achieved through a system where tourists scan QR codes with their existing apps, and local merchants receive payments in Argentine pesos via a partnership with the regional fintech PVS.

Alipay+ is the international arm of Alipay, recognized as the world's largest digital wallet with one billion users in China. Beyond payments, Alipay serves as a comprehensive digital infrastructure for daily life in China, facilitating services like ride-hailing, movie ticket purchases, hospital appointments, and investments. In 2023, Ant International was established as a separate entity based in Singapore to manage its global operations independently from the Chinese market. The company currently operates across Asia, Europe, the Middle East, and Latin America, with Brazil and Mexico being its primary markets in the region. It connects 150 million merchants with 2 billion consumer accounts globally.

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We expect to have more announcements in the coming months.