Chinese travelers can now use Alipay in all Starbucks across South Korea to trade in cryptocurrencies. Ant Financial Services Group operates it which is world’s largest online and mobile payment platform. It is now available for mainland Chinese travelers at over 1,150 Starbucks branches across South Korea. Adding to the ease of use, Chinese travelers can pay for their beverages in RMB via Alipay.
Danny Chung, general manager of Alipay Korea said that: “Starbucks branches are among the most visited places by Chinese travelers in South Korea. We will continue to introduce it to more local merchants, including restaurants and shops to make Chinese travelers’ journey as convenient as at home.” It has also seen a presence at Pyeongchang and Gangreung, making it convenient for Chinese Olympics spectators to pay with ease in South Korea. Around 400 merchants around the area accept Alipay.
Tourism in China
According to the Korean Tourism Organization, travelers from China make up around one-third of South Korea’s inbound tourists each year. Considering that, and Alibaba’s association in the Olympic recreations occurring in the nation, it’s not astounding that Alipay is currently acknowledged at more than 1,150 Starbucks branches crosswise over South Korea. Also, Alibaba Group is an Olympic TOP partner through 2028. In addition, Alibaba has 33% stake in Ant Financial Groups. Alibaba Group is the world’s largest e-commerce company.
It is available in 38 countries and regions and was first introduced in South Korea in 2015. Users of Alipay can also enjoy an instant tax refund via this at four major airports in South Korea. South Korea is a natural country for Alibaba to target due to it’s proximity to China. It’s reported that South Korea is the third-largest market for eBay globally (after the US and UK) and Alibaba will want to grab a share of the South Korean spend.