In This Article:
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Alibaba Group Holding Limited (NYSE: BABA) fintech affiliate Ant Group promised to help four Asian e-wallets expand into South Korea with its cross-border payment service Alipay+, as travel restrictions ease across Asia.
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Now, e-wallet consumers using Alipay+ like the Philippines' GCash, Malaysia's Touch'n Go, Thailand's TrueMoney, and AlipayHK can pay at over 120,000 merchants using their local mobile payments apps when traveling in South Korea, Reuters reports.
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The first batch of available merchants will include taxis, duty-free shops, and convenience stores.
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Also Read: Alibaba Has 63% Upside And Room For Margin Expansion, Bullish Analyst Says
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Alipay+ provides services and technology tools to global merchants and e-wallets.
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South Korea's prepaid card market will likely grow at a CAGR of 7.9% between 2022-26, reaching $33.27 billion.
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Recently, South Korea penalized Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL) Google 69.2 billion won ($50 million) and Meta Platforms Inc (NASDAQ: META) 30.8 billion won ($22 million) for privacy law violations.
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The companies failed to inform service users and obtain prior consent when collecting and analyzing behavioral information for customized advertisements.
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Price Action: BABA shares traded higher by 1.26% at $79.79 in the premarket on the last check Monday.
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