• Finance

Alipay Expands in Australia Through CBA Deal

<p>Alipay Expands in Australia</p>

Commonwealth Bank has recently inked a deal with China's leading payment platform Alipay, in a move to enable more convenient transactions for Chinese students and visitors seeking to make purchases in Australia. The new agreement will also make it easier for Australians to shop on Alibaba's e-commerce websites.

Last year, China became the world’s largest mobile payments market with a transaction volume of US$235 billion. Recognising this, Douglas Feagin, Head of Alipay International, said that the move would enable Chinese visitors to “enjoy the kind of convenience they are used to at home.”

While the number of Chinese tourists visiting Australia has experienced an impressive boom in the last few months, Commonwealth Bank Institutional Banking and Markets Group Executive Kelly Bayer Rosmarin notes that the agreement will likely encourage them to spend more on their trips: "Chinese tourists are spending more than $2.5 billion a year in Australia. The more we make it easier for them to spend, the more it will grow” she said.

Click here to learn more about Alibaba's expansion in Australia.