Alipay+, E-wallet Partnerships To Accelerate Iqiyi’s Asia Expansion

 

KUALA LUMPUR, April 20 (Bernama) -- Alipay+ has partnered with popular Asian e-wallets to help iQIYI, a leading international streaming platform to accelerate its expansion via Alipay+ digital and entertainment platforms to reach young middle-class consumers looking for quality online video content.

According to Alipay+ in a statement, in 2021, iQIYI utilised Alipay+ marketing solutions, such as Alipay+ Rewards and cashier-based marketing service, to reach potential consumers and improve transaction conversion rates in key markets.

Developed by Alipay+ and partner e-wallets, Alipay+ Rewards is a new digital marketing platform that helps global brands engage better with consumers worldwide by offering incentives and exclusive services.

Last year, more than one million consumers outside the Chinese mainland, mostly in Southeast Asia, used Alipay+ partner e-wallets, including TrueMoney (Thailand), GCash (The Philippines), DANA (Indonesia), Touch ’n Go eWallet (Malaysia) and Kakao Pay (South Korea) to pay for subscriptions or content on iQIYI’s international app.

In addition to these alternative payment methods, Alipay+ has started offering customised marketing solutions through Alipay+ Rewards programme to enable merchant partners to expand its market outreach efforts, since 2023.

On iQIYI’s international app, the number of new users making subscription payments through GCash, DANA and Touch ’n Go eWallet have increased respectively by 100 per cent, 90 per cent and 50 per cent in March 2023, compared with the end of 2022.

The global over-the-top (OTT) market is expected to reach US$1,251 billion by 2027, representing a compounded annual growth rate (CAGR) of 30 per cent during 2021-2027. iQIYI ranks fifth among OTT platforms globally, and was named the top Asian OTT to watch Chinese-language, Thai and Malay dramas across major Southeast Asia markets. (US$1=RM4.42)

This April, AlipayHK, the largest active e-wallet in Hong Kong SAR, China, became the latest Alipay+ partner wallet to support payment on iQIYI International App.

Introduced by Ant Group in 2020, Alipay+ is a suite of cross-border digital payment, marketing and merchant digitalisation solutions connecting global brands with mobile-savvy consumers worldwide, aimed at enabling businesses, particularly small and medium-sized enterprises, to process a wide range of mobile payment methods and reach more than one billion regional and global consumers.

--  BERNAMA