Ant Group and BNP Paribas Forge Strategic Partnership on Digital Payments
Douglas Feagin, President of Ant Group International, and Pierre Fersztand, Global Head of Cash Management, Payments, Trade Solutions, and Factoring at BNP Paribas, signed a Memorandum of Understanding (MoU) on July 3, 2024, in Zurich. The MoU outlines several key initiatives, including a collaboration between BNP Paribas and Ant Group on digital payment services.
Under the agreement, BNP Paribas will integrate with Ant Group's "Alipay+" service, enabling merchants in Europe using BNP Paribas's acquiring services to accept payments through Alipay+. Additionally, both parties have agreed to enhance the participation of Ant Group's cross-border payment subsidiary, WorldFirst, in the Single Euro Payments Area (SEPA) scheme.
BNP Paribas will also leverage Ant Group International's Whale platform to explore tokenized deposit innovations for global cash management, aiming to improve the efficiency of global fund settlements.
On July 9, Alipay announced an upgrade to its payment services for inbound tourists in collaboration with UnionPay International. Tourists who download and register the Alipay app can link their foreign-issued UnionPay cards to make payments by scanning Alipay QR codes at millions of merchants across various everyday scenarios. Currently, over 240 million UnionPay cards have been issued in 81 countries and regions worldwide.
Guided and supported by the People’s Bank of China and the State Administration of Foreign Exchange, Alipay, in collaboration with NetsUnion Clearing Corporation, Bank of China, Industrial and Commercial Bank of China, and overseas wallets, received approval in 2020 to launch two payment solutions for inbound visitors: "binding foreign bank cards after downloading the Alipay app" and "using foreign electronic wallets to scan Alipay QR codes."
First, please LoginComment After ~