Alibaba’s Alipay, the online and mobile payments system is going to start its operations in Pakistan by the end of this year. Mr Irfan Wahab Khan, Telenor Pakistan’s CEO revealed this news.
About 45% of Telenor Microfinance Bank was acquired by the parent company of AliPay, for $184.5 million during March this year.
Furthermore, Alibaba, the Chinese e-commerce giant, also acquired Pakistan’s largest online shopping platform Daraz.pk from Rocket Internet. This move will surely expand the footprints in the country.
Since Pakistan has 56 million mobile internet users, and that its e-commerce market is worth $1 billion, Alipay’s entry in the country could not come any sooner.
Experts believe that with its recent acquirements in Pakistan, the financial strength and experience will help AliPay adopt a leadership role in the financial payments industry.
Telenor Pakistan is looking to mark its territory in the digital payment segment.
“We are putting a site an hour on 4G and will complete 80% of them by the end of this year,” said Khan, who took over as CEO Telenor Pakistan on August 1, 2016.