8.6 C
New York
Sunday, June 16, 2024
Home Payments Alipay offers boosts as Wuhan emerges from COVID-19 lockdown

Alipay offers boosts as Wuhan emerges from COVID-19 lockdown

Chinese mobile payment platform operated by Ant Financial – Alipay came up with initiatives to support small businesses in Wuhan as the city remerges from the lockdown period due to the COVID-19 pandemic.

 These initiatives will later expand coverage to support minor businesses across the country as they tap into the power of digital technologies to transform adversity into opportunities.

This allows orders to be placed straight via the Alipay app for local specialty produce. It also enables users to access livestreams of tourist destinations across the city as it begins to open back up.

Read also: Starling Bank launches a “Connected card” to tackle COVID

“In every hardship, there lies an opportunity to envision and create a brighter future. We firmly believe that, after the COVID-19 outbreak, service providers who are able to tap into the power of digital technologies will come out the strongest,” said Simon Hu, Chief Executive Officer of Ant Financial.

“We are committed to supporting SMEs and will continue to provide leading digital technology solutions to support the recovery of small businesses and help them prepare for the future.”

“We’re open” says the bright red sign behind Wuhan bicycle store owner Mr. Fang Qianjin, signaling that the city is ready to ride again after a two-month lockdown.

The local merchants using this Alipay platform may also apply for loans offered by the “Zero Contact” campaign jointly launched by MYbank, an online bank that is also under Ant Financial with a focus on serving SMEs and having 100 banks in China.

MYbank will postpone interest rates for 360,000 offline micro-merchants in Wuhan for the first month and cut interest rates by 20% for all Hubei merchants outside of the city.

Sources: https://www.pymnts.com/coronavirus/2020/alipay-digital-tools-to-support-wuhan-businesses/https://www.businesswire.com/news/home/20200407005876/en/https://www.finextra.com/newsarticle/35602/alipay-offers-boost-to-covid-19-hit-wuhan-merchants

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

NEW Revolut UK CEO to make Conference Debut at MoneyLIVE Summit

MoneyLIVE has today announced that Revolut’s newly appointed UK CEO will be making her conference debut at MoneyLIVE Summit 2024, which is...

2024’s Financial Innovators: A New Era of Banking Startups 

In the wake of the COVID-19 pandemic, our world witnessed an unprecedented shift towards digitalization. The banking industry, in particular, has been...

C-suite Banking and Payments Leaders From Across Europe Set to Meet at London’s MoneyLIVE Summit in March

On the 6-7 March 2024 MoneyLIVE Summit will return to London’s QEII Centre to unite over 1000 banking and payments leaders from...

The Evolution of Digital Wallets: A Shift from Physical Cards by 2030

By 2030, we can expect digital wallets to become the preferred payment instrument, offering a myriad of non-payment-related services for consumers.