Alibaba's Alipay targets European reach

|About: Alibaba Group Holding Li... (BABA)|By:, SA News Editor

Alibaba Group (NYSE:BABA) affiliate and operator of Alipay, Ant Financial, has partnered with BNP Paribas of France, Barclays of London, UniCredit of Italy and SIX Payment Services of Switzerland to expand presence among merchants in Europe. Alipay already works with Ingenico Group and Concardis in Germany, and external of Europe, maintains partnerships with payment companies within Asia and the U.S.

Alipay presently counts 450M users and claims 153M online transactions processed per day on average (in Q1), a figure that is according to an Alibaba presentation, roughly 10x greater than PayPal's, nearly equivalent to Mastercard's and an estimated 60% of Visa's volume.

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