Finally a good news for citizens of Pakistan. The Competition Commission of Pakistan (CCP) has approved the entry of world’s largest mobile payment platform’s entry in Pakistan.
A couple of days ago, there were rumors that the Chinese payment giant will be entering Pakistan by acquiring stakes in Telenor Microfinance Bank Limited. Now it has been confirmed that Alipay has acquired 45 percent shareholding in the TMBL.
Alipay was founded by Jack Ma, the co-founder and executive chairman of the Alibaba Group, a Chinese multinational technology conglomerate. In 2013, Alipay became the world’s largest mobile payment platform surpassing Paypal and gaining 54% share of China’s US$5.5 trillion mobile payment market.
It’s surely a positive step towards promoting the e-commerce business in Pakistan and providing a payment system that can be used by Pakistani’s people both locally and internationally.