Date
11 December 2017
The Chinese are now Lotte.com’s largest group of overseas customers by visitor volume. Photo: Lotte.com
The Chinese are now Lotte.com’s largest group of overseas customers by visitor volume. Photo: Lotte.com

Korean Lotte.com now accepts Alipay payments

Lotte.com, South Korea’s online shopping mall, has started to accept renminbi payments from customers using their Alipay accounts since late April, according to a statement on alizila.com, a unit of Alibaba Group.

Chinese consumers are now Lotte.com’s largest group of overseas customers by visitor volume, according to the website’s officials. Their favorite Korean purchases include cosmetics, apparel and healthcare products.

“With this partnership, Chinese consumers will no longer have to travel to Korea to buy what they want, they can now order Korean products on Lotte.com and have them delivered to their doorsteps,” Kiki Wu, head of Alipay Business Development in Korea, said in an email press release on Tuesday.

Prior to this, Japan’s Rakuten and British e-commerce website ASOS have already added Alipay as a payment option. Yahoo Japan will also begin accepting Alipay in June.

Alipay’s expansion into Asia through tie-ups with regional e-commerce firms comes at a time when increasingly sophisticated Chinese consumers are seeking a variety of products not available domestically by shopping across borders through the internet, Alipay said.

According to a Paypal and Nielsen survey, China had 18 million online cross-border shoppers who spent 216 million yuan (US$35 million) last year. By 2018, the number of Chinese cross-border shoppers is expected to double to 36 million, and the amount they spend is projected to hit 1 trillion yuan (US$160 billion).

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CG

Chief reporter at EJ Insight

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