Fintech firm brings Chinese Alipay service to Turkey

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Daniel Webber
Daniel Webber
Founder & CEO
Daniel is Founder and CEO of FXcompared and has 18 years of experience in the international finance world focusing on cross-border payments, technology and the property sectors. Daniel is widely… Read more
  • ininal announces collaboration with Chinese commerce giant
  • US dollars will be available for merchants at first, followed by Turkish lira later in the year
  • "The collaboration with Alipay proves the success of our brand has attained in the last six years”, said ininal’s CEO

 

A leading financial technology firm in Turkey has announced that it will partner with Alipay to bring the leading service to Turkey.

ininal has said that it will collaborate with the Chinese firm owned by Ant Financial Services Group, which is close to the Chinese e-commerce giant Alibaba.

Now, Chinese people who visit Turkey will be able to use Alipay at physical stores in the country.

In terms of the actual online money transfer, the payment will be made in Chinese yuan. However, the Alipay system ensures that firms can then receive payments in US dollars.

Over the course of the summer, a new function will be added to allow merchants to collect their

payments in the local currency – the Turkish lira.

ininal, which is an innovative modern payment platform owned by larger firm Multinet Up, is benefitting from assistance from Dorak Holding.

Dorak, a tourism firm which manages many aspects of the visits of 85% of the visitors to Turkey from China, will place the new Alipay system in its venues.

These range from hotels and eateries to retailers and leisure locations.

It will be possible for tourists to pay using the app, while they can also use a QR code.

ininal’s CEO said that working with “powerful partners” was a strategic priority for the firm.

"The collaboration with Alipay proves the success of our brand has attained in the last six years”, said CEO Ömer Suner.

“Alipay is the most preferred payment method in China and is widely used by Chinese tourists overseas. The fact that Alipay is used more than cash, credit cards and debit cards is an important data demonstrating the satisfaction it creates.”

“ininal will continue to work with powerful partners globally to bring advanced technology and services to Turkey", he added.

For Alipay’s part, Roland Palmer, the firm’s Head of Europe, Middle East and Africa, said his firm was “excited” about the collaboration.

"Alipay is finally coming to Turkey!” he said.

“We are excited to work with ininal to connect Turkish merchants with Chinese visitors before, during, and after their visit to this beautiful country, overcoming barriers of language and currency. We know our customers are attracted to the ancient and modern sights of Turkey, and the many different experiences it offers, from balloons, to bazars and beaches.”

“As Chinese users' preferred payment and lifestyle platform, we are always happy to introduce the best offers and must-visit locations of Turkey to our users through our platforms", he added.

Innovators in the money transfer services space are leading the way in helping tourists and consumers pay for their goods and services, even across borders. Find out more about it here.


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