The Belt and Road is affecting Chinese online payment services and offline payment development. It is advancing the changing that Chinese payment industry has brought to the world.
However what is ”The Belt and Road”. The abbreviation for B&R，it means “the silk road economic belt” and “21century Maritime silk road”. The Belt and Road is not a physical entity or institution, it’s a cooperation and development philosophy and initiative. The theory relies fully on the bilateral mechanism between China and associated countries, by virtue of the existing cooperation platform. Using the ancient “silk road” historical symbol to take the initiative of developing economic relationship with countries along the route.
Chinese online payment services are expanding the cooperation scale with the foreign payment services partners. For example, Ant Financial Services Group announced reaching cooperation with First Data a month ago. From May 8, over 4 million merchants in First Data has interfaced with Alipay for receiving payment. Till now, Ant Financial has setup branches in USA, Singapo, Korea, UK, etc. It is said that Wechat payment is much the same. Wechat payment has completed login on 15 countries and areas, with support of 12 foreign currencies settlement.