Alipay operator may become an owner of MoneyGram through the upcoming deal

26 January 2017

According to anonymous reports Chinese payment services operator Ant Financial, an affiliate company of Alibaba has plans to acquire the US-based MoneyGram International Inc thus realizing its ambitious pursuits to further expand into international markets. While no details on the terms of the transaction are yet available, the cost of acquisition will likely be immense.

On Wednesday this week stocks of MoneyGram closed the market at the price of $11.88 per share which means the market value of the company is 630 million US dollars, so Alipay operator will have to fork over quite a lump sum for the deal.

Ant Financial has long been aspiring to spread its presence across the global markets outside China. In case of successful purchase transaction Alipay will get access to a largest base of customers as MoneyGram operates wealth of outlets in the United States with Wal-Mart Stores using its services as the money transfer agent. MoneyGram also allows US customers to make payments for everything from electric bills to mortgages.

Alipay is the leading payment platform in China with substantial coverage of Indian and other Southeast Asian markets. Alipay processes most transactions performed on Alibaba online shopping websites.

Last August Ant Financial entered into a deal with French payment provider Ingenico to provide access to Chinese customers in Europe to a range of merchant locations where they can pay using their Alipay account if a merchant uses Ingenico solution.

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