Alipay accelerates its global expansion

Ant Financial Services Group, the parent company of online payment giant Alipay, is accelerating its global expansion by reaching into the South Korean market.

Ant Financial will invest $200 million in Kakao Pay, South Korean internet service provider Kakao Corp's mobile pay platform, according to an announcement by the two companies on Tuesday.

Kakao Pay will connect to the 34,000 stores currently using Alipay in South Korea, the statement said. There are more than 14 million customers using Kakao Pay.