Alipay reaches 1B users worldwide; implements blockchain tech in Pakistan’s Telenor Microfinance Bank

China’s online payment platform Alipay has exceeded 1 billion users worldwide, China Economic Net reports. Since the launch of its global services campaign back in 2007, the platform expanded its mobile payment services to nine countries. According to a recent quarterly financial report released by Alibaba, the platform’s Chinese user base has exceeded 700 million. As reported by Tribune Express, the 1 billion milestone was largely influenced by the company’s collaborations with several international smart payment companies, including Thailand’s TrueMoney and India-based Paytm.

Back in November, Alipay acquired a 45 per cent stake in Pakistan-based Telenor Microfinance Bank. The partnership has resulted in Pakistan’s first blockchain cross-border remittance service.

“The new remittance service is one of the examples of how emerging technologies can assist countries meet their digital and financial inclusion goals,” said Eric Jing, Chairman and CEO of Ant Financial. “We’re thrilled to be part of Pakistan’s financial inclusion efforts, and we’re dedicated to exploring breakthroughs and applying them to benefit more people in more places.”