ALIBABA'S financial affiliate Ant Financial said it plans to spend 3 billion yuan (US$435 million) each year in the next two years to push forward the construction of a cashless society through partnership with various kinds of merchants and service providers.
A total of 15 institutions became the first batch of members of the cashless alliance including the United Nations Environment Program and retailer Carrefour to help boost the adoption of cashless payment.
Finnish mobile payment service provider ePassi and Australian payment firm Paybang also joined the alliance, which eventually hopes to include 30 million members covering 100 nations.
The capital injection from Ant Financial will be used to provide marketing support for promotional activities for alliance members and consumer education programs all over the country.
Eric Jing, chief executive officer of Ant Financial, said it hopes to help businesses from home and abroad to raise their operation efficiency and to push forward a greener environment.
Zhang Shigang, country coordinator of United Nations Environment Program China Office, said through the adoption of cassless payment by consumers, it hopes to work with collaborators to encourage more manufacturers to shift towards environmentally friendly practices.
China is one of the top countries while the UNEP is seeking collaboration in terms of sustainable development given its consumer base and the market size, he added.