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Ant Financial, Yahoo Japan enter mobile payments partnership

Ant Financial Services Group and Yahoo Japan Corp. entered into a partnership to grow their mobile payments businesses in Japan, the Nikkei Asian Review reported Sept. 5.

The announcement came after Yahoo Japan said in July that it would launch a mobile payments service based on Ant Financial's Alipay in the autumn.

Meanwhile, Ant Financial, an affiliate of Alibaba Group Holding Ltd., said it will work with Japanese regional banks to promote Alipay, without specifying details.

The moves are targeted at boosting their share of the payments market by making it more convenient for locals and tourists to process transactions, the companies said.