Asia

Little-noticed during India’s cash-crunch late last year — triggered by the government’s demonetization of about 80% of its currency — was Samsung Pay quietly testing the waters in India with an eye to opening up vital new digital payment options in a nation that relies heavily on cash for everyday transactions.

Hong Kong and Singapore have long been economic crossroads. China and India are economies with vast populations. And Shenzhen is bursting with innovative creativity. All of these contribute to the Asian fintech market being far ahead in adoption and ecosystem creation.

India's sudden shake-up of its currency system last fall was an early holiday for digital payment companies, and Visa was no exception.

Westpac in has been aggressive in supporting and adopting emerging merchant and payment technology in Australia.

To date, Ant's Alipay has been comparable to PayPal, seldom venturing beyond payments. The financial products Alipay plans to pursue as it enters new markets put it more firmly in direct competition with mainstream banks.

Alipay's deal to buy MoneyGram for $880 million may be the centerpiece of its strategy to expand beyond China's borders, but it's not its first move in recent months. The Alibaba payments affiliate has already extended its reach in several other ways.

Ant Financial, the company that operates Alipay, is buying MoneyGram for $880 million, its boldest move yet in a series of partnerships and investments that signal an international ambition.

Alibaba Group Holding Ltd. raised its full-year sales forecast after quarterly results beat estimates, as Chinese spending stays strong and the company wrings revenue from fledgling areas such as cloud computing, entertainment and search.

UnionPay's collaboration with United Airlines and Planet Payment is the latest salvo in a race among Chinese companies to cater to overseas travelers.

The deployment comes as Singapore is in the midst of a broad digital initiative for the entire city.