Alipay is operated by Ant Financial which earlier entered into a joint venture with Globe and Ayala Corp. to boost the operations of Mynt, parent company of GCash mobile wallet service. “I believe e-payments have a tremendous amount of potential in the Philippines given the continuous growth of smartphone penetration and the number of unbanked Filipinos. Only a very select group of Filipinos have access to financial services so we want to provide that access to them,” Globe president and chief executive Ernest Cu said. “Part of financial services is cashless payments. About seven of 10 Filipinos are currently unbanked while nine of 10 do not have access to formal credit.

Source: The Standard November 15, 2017 13:30 UTC