Alibaba’s affiliate Ant Financial to acquire helloPay
Alibaba’s payment affiliate Ant Financial, which operates Alipay, has reached an agreement to acquire and rebrand helloPay Group.
Following the merger, helloPay will be rebranded as Alipay across countries such as Singapore, Malaysia, Indonesia and Philippines. The rebranded helloPay will be operated by Ant Financial.
The rebranded helloPay will continue to provide payment services on the Lazada platform across South East Asia and its features will remain unchanged. It will also run as a separate payment platform from Alipay app, which is operated by Ant Financial, an affiliate under the Alibaba Group.
Founded in 2014 by the Lazada Group, helloPay Group offers payment solutions for the Lazada platform. The service currently does not have a mobile app.
Ant Financial senior vice president Douglas Feagin said: “There will be no impact to helloPay’s users and payment partners. We will continue to innovate and provide users with safe, fast and convenient payment services.”
Apart from operating Alipay, Ant Financial also operates Ant Fortune, Zhima Credit and MYbank. Ant Financial claims to have about 450 million active users in China and other countries in Asia and is considered to be one of the popular online payment modes in the country.
Using Alipay app, users can pay for taxi, book tickets at hotels, buy movie tickets, pay utility bills, make appointments with doctors or even purchase wealth management products.Recently, China’s Ant Financial has raised its offer price to merge global money transfer services firm MoneyGram. After the completion of the transaction, MoneyGram will operate as an independent subsidiary of Ant Financial.
Image:The rebranded helloPay will continue to provide payment services on the Lazada platform. Photo courtesy of stockimages/FreeDigitalPhotos.net.