By Nikunj Ohri and Jaspreet Kalra
ALIPAY+’s proposal to link with India’s instant payments system for cross-border transactions has been stalled due to national security concerns in New Delhi and questions about the storage and use of customer data, three sources familiar with the discussions said.
The proposal, made by Alipay+ in January, was the first by a China-linked entity in the financial services sector and came against the backdrop of easing tensions between the two neighbours, which had a deadly border clash in 2020.
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