Kaspi.kz and Alipay+ launch QR payment service in China

ALMATY. May 2 (Interfax) - Kazakh fintech group Kaspi.kz has entered into a partnership agreement with Alipay+ to launch a payment service in China using Kaspi's mobile application and QR code, Kaspi.kz said in a press release.

Kazakhstan's citizens that live or travel in China will be able to make payments using the QR code from the Kaspi.kz mobile application in more than 80 million locations in China, according to the press release.

Kaspi.kz operates a two-sided Super App business model: the Kaspi.kz Super App for consumers and the Kaspi Pay Super App for merchants and entrepreneurs. Kaspi.kz's offerings include payments, marketplace and fintech solutions for both consumers and merchants. Kaspi.kz Group is comprised of Kaspi Shop LLP, Kaspi Bank, Kaspi Pay LLP and Kaspi Travel LLP. As at April 1, 2024 the company's main shareholders were Baring Vostok Funds (24.24%), Mikheil Lomtadze (21.53%) and Vyacheslav Kim (20.39%).

Alipay, founded in 2004 and part of Alibaba Group, is one of the largest global payment systems, serving over 460,000 companies around the world.