Ant Financial, parent of the Chinese online payment giant Alipay, may soon expand to South Korea with a new service called Korea Pay.
Alipay is working on plans to expand to South Korea through a partnership with a financial services partner, but details are scarce, according to a report in The Korea Times.
Hana Financial Group is one South Korean banking company that’s been discussed as a potential partner to expand Alipay’s reach in a market that already has a handful of mobile payment players, including Samsung Pay, Kakao Pay and Never Pay, which is nearing rollout, the report says.
Alipay has already laid some groundwork in South Korea, opening a customer service center in Seoul last year. The center caters to the needs of some 6 million Chinese visitors who use Alipay to shop at Korean stores.