Alipay has quickly become one of the most prominent mobile payment solutions in the world. After forging successful partnerships in numerous countries, a new deal has been inked with UniCredit Hungary. It is the first deal of this magnitude in the European country.

UniCredit Hungary and Alipay are joining forces. The new agreement signed allows Chinese visitors to purchase goods and services using the app they are accustomed to. This new payment method will not go live until 2019. It is another way of making Chinese tourists feel more at home when traveling abroad in this day and age.

Alipay is Coming to Hungary

It can introduce a lot of additional revenue for Hungarian merchants. Being able to cater to Chinese customers can open up new revenue streams in quick succession. It was a matter of time until a payment solutions such as this once introduced. Chinese visitors favor Hungary, as the capital city of Budapest welcomes over 175,000 visitors on a yearly basis.

Unicredit Hungary Deputy CEO Marco Iannaccone adds:

“We are pleased that Alipay decided to launch its payment and lifestyle services in Hungary in partnership with UniCredit Bank. We are delighted to provide the financial infrastructure for Alipay services to offer cashless, future-proof payment solutions and special offers services for the Alipay customers and UniCredit merchants using the service. As Hungary is attracting so many Chinese tourists in the CEE, we are convinced that this partnership will benefit both Chinese visitors and Hungarian merchants equally.”

Another interesting statistic shows Chinese tourists spend more in Hungary compared to other European locations. The difference is as high as 50%< which makes this partnership all the more valuable for all parties involved. It also further confirms how dominant Alipay has become in the international payment landscape.

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JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.

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