Alipay to launch payment service in Taiwan

A receptionist works at Alipay's headquarters in Hangzhou, capital of East China's Zhejiang province, in this Jan 10, 2014 file photo. [Photo/Xinhua]

HANGZHOU - Alipay, China's leading electronic payment platform, has received approval to launch a payment service in Taiwan in the fourth quarter, Ant Financial, Alipay's operator, said on Wednesday.

Ant Financial, Alibaba's financial service affiliate, did not elaborate on the specific timetable.

Alipay will work with E. SUN Commercial Bank in Taiwan to offer a QR mobile payment service, Ant Financial said.

By the end of the year, more than 3,000 convenience stores, shopping malls and other shops frequented by mainland tourists will offer the payment service.

Peng Yijie, president of Ant Financial's international business, said Taiwan was a top destination for mainland tourists, and Alipay has plans to add more stores to its network.

Taiwan received 3.98 million tourists from the mainland in 2014, 11 times more than in 2008, according to data from Taiwan Tourism Department.

Alipay has more than 400 million users, handling 120 million transactions a day. Half of the transactions are made on smartphones.