Photo credit: Tech in Asia
IQiyi, a Chinese over-the-top-streaming (OTT) platform, is accelerating its expansion in Southeast Asia through its tie-up with Alipay+, a suite of cross-border digital payment, marketing, and merchant digitalization solutions from Ant Group.
Last year, more than one million consumers outside mainland China – mostly in Southeast Asia – used Alipay+ partner e-wallets to pay for content and subscriptions on iQiyi’s international app.
The digital wallets include TrueMoney (Thailand), GCash (The Philippines), Dana (Indonesia), Touch ’n Go eWallet (Malaysia) and Kakao Pay (South Korea), according to a media statement.
In March 2023, the number of new users making subscription payments through GCash, Dana, and Touch ’n Go jumped by 100%, 90% and 50% respectively, compared with the end of 2022.
IQiyi started using Alipay+ marketing solutions such as its rewards platform and cashier-based marketing services in 2021.
IQiyi is the fifth-largest OTT platform worldwide in terms of subscribers. The global streaming market is expected to reach US$1,251 billion by 2027, representing a compound annual growth rate of 30% between 2021 and 2027.
See also: Behind iQiyi’s long, painful road to profitability