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Ant Financial and ICBC deepen strategic collaboration

Tuesday 31 March 2020 12:50 CET | News

Ant Financial and Industrial and Commercial Bank of China have announced a collaboration as part of a strategic partnership unveiled in December 2019.

 

The collaboration will enable merchants to collect payments via Alipay or the ICBC e-banking app, without the need for users to replace their existing payment collection QR codes. This feature has already been launched in pilot cities including Hangzhou, Chongqing and Guangzhou, and will be rolled out in more cities. ICBC is the first state-owned bank to work with Alipay to enable this feature.

With the common aim of leveraging technology to make financial services more convenient and inclusive for merchants and consumers, Alipay and ICBC began collaborating as early as March 2005 to offer online payment services to users. ICBC was the first bank in China to partner with Alipay to deliver online payments, demonstrating the bank’s innovation and inclusivity.


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Keywords: Ant Financial, Industrial and Commercial Bank of China, ICBC, China, Asia, APAC, online payments, financial technology, Alipay, payment collection, QR payments, merchants
Categories: Payments & Commerce | Online Payments
Countries: China
This article is part of category

Payments & Commerce