Chinese e-commerce giant Alibaba announced on Wednesday that its mobile payment platform Alipay now has over 900 million active users across the globe, according to the company's 2018 annual report.
In September, Eric Jing, Ant Financial's executive chairman and CEO, said at Alibaba's Investor Day in Hangzhou that the number of domestic active users had already reached 700 million, having grown from 520 million at the end of 2017.
In its annual report, Ant Financial said that Alipay's strong performance over the past year in the consumer market was because of the company's determined efforts to increase its active users. Although the company suffered a US$352m loss during the first three quarters of this year, it is working to add new services to its Alipay platform. This, in turn, has led to the expansion of its market, both at home and overseas.
The use of payment apps like Alipay and its main competitor WeChat Pay have boomed in China in recent years. It's said that more than 40 million stores across China now offer payment options for these apps, while more and more stores overseas are utilising this technology in order to cater to the needs of a growing number of Chinese tourists.