7-Eleven partners with Alipay to support the mobile wallet payment

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7-Eleven Malaysia, the single largest convenient store chain in Malaysia, has become one of the first Malaysian retailers to launch Alipay as one of its payment mode. This initiative has been taken up to attract larger number of Chinese tourists towards 7-Eleven. The company did not require huge capital for this installation as Alipay can operate on existing MOL terminals at these stores. MOL Global Inc, a global in-store payment solution provider, is expected to support Alipay’s endeavor to bring in more retailers within and outside Berjaya Group.

In Malaysia, transaction value of mobile payments is currently USD 2.0 billion which is expected to rise to USD 7.7 billion by 2021 at a CAGR of approximately 30%. Number of mobile payment users is likely to increase to 11.6 million during same period. Average transaction value in mobile payments is currently USD 10.5. Alipay is entering into a market that is witnessing strong customer adoption. Moreover, about 2.8 million Chinese tourists visited Malaysia last year. The numbers are expected to increase by 30% by end of 2017. Since these tourists are already using Alipay extensively in their own country, it has been observed that they tend to spend more per transaction at 7-Eleven stores through Alipay mobile wallet than other average Malaysian store transactions.

Berjaya is one of the most popular consumer groups in Malaysia with 5,000 outlets across the country. Integrating Alipay into the payment structure is likely to increase customer attraction and spending habit of Chinese tourists as well as Malaysian customers at 7-Eleven stores. On other hand, Alipay is expected to strengthen its position in Malaysian market. The company has invested towards building its own physical network by partnering with 110,000 shops including oversees for accepting Alipay as a payment mode.

To know more and gain deeper understanding of mobile payment industry in Malaysia, click here.