By helping merchants and service providers recover, Alipay can potentially build toward its aim of becoming a digital lifestyle platform
. Ant Financial
its plans to help service providers digitally transform and create a platform that includes services beyond payments and finance, like healthcare and food delivery, in March. Alipay's appeal to consumers, and helping businesses in the wake of the pandemic could see Alipay build out its selection of services since more providers and merchants may join its platform in an effort to improve their performances.
Payments and commerce platforms in other markets should keep an eye on Alipay's efforts to help develop their own initiatives once the pandemic subsides. Platforms that can connect businesses with consumers, like marketplaces and digital payment platforms, may also be able to help businesses recover and attract more consumers and providers when other markets lift lockdowns.
They should see if any of Alipay's initiatives prove particularly effective in drawing sales for businesses and recruiting users and companies to their platforms, and try to incorporate them into their own strategies.Business Insider Intelligence analyzes the payments and commerce industry and provides in-depth analyst reports, proprietary forecasts, customizable charts, and more.
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