ORIX Corporation ("ORIX") today announced that it has established a business alliance with Alipay.com Co., Ltd., a major Chinese electronic payment service provider owned by Ant Financial Services Group ("Ant Financial"), to provide the Alipay service, an electronic payment service to BtoC businesses, such as retailers and restaurants, nationwide.
ORIX will utilize its nationwide network to acquire member stores for the Alipay service. As increasing demand from inbound foreign tourists visiting Japan is expected to continue, ORIX will support member stores' revenues growth by promoting the Alipay service which targets Chinese tourists in particular. Furthermore, ORIX will also introduce optional services such as payment terminal lease to minimize initial set-up costs necessary for the Alipay service.
Ant Financial was established in 2014. The company's core business is the Alipay service, which was initially introduced in 2004 for online transactions in China. As one of the major global payment service platforms, the Alipay service currently has more than 450 million registered users world-wide. In addition to its strong on-line payment services, the Alipay service has further expanded into face-to-face payment transactions via bar codes or QR codes displayed on users' smart phones at the 600,000 member stores in China and 50,000 member stores overseas.
Since January 2015 ORIX has been providing its own payment services to BtoC corporate customers, specifically the in-house prepaid card issuance system, LOOP+ Card1 . Furthermore, in August 2015, ORIX introduced the Flico2 service, a low cost remittance service for its corporate customers.
ORIX will continue to provide innovative payment services and other solutions to support BtoC businesses to achieve better sales growth, operational efficiency and cost reduction.