Alipay, China’s largest QR code-based payment system, owned by Ant Financial Services, handles the vast majority of its transactions in its home market in the card-not-present channel. However, expansion to in-store and other card-present channels is growing quickly in China, and Alipay is expanding outside China to give its customers in-store payment opportunities when they travel to other countries. In Europe and Asia, Alipay has formed partnerships with acquirers and gateway providers. It is also growing through investments and acquisitions in India (Paytm), the Philippines (Mynt), and...