Saturday, 21 October, 2017

Stripe Partners With WeChat, Alipay to Access Customers in China

USD-Chinese-APMs-Checkout-Flow Stripe’s checkout flow will give Chinese consumers the option to purchase using the platform of their choice. Source Stripe
Sammy Stanley | 11 July, 2017, 00:48

For the first time, businesses will be able to activate both Alipay and WeChat Pay on their Stripe dashboards and accept payments from either platform with euros arriving in their bank accounts.

And according to Stripe, Australian online exports to China have been one of the first markets to explode since a free trade agreement between the two countries took effect in December 2015, and China has become an economic powerhouse for Australian online businesses.

The mobile payment solution, WeChat Pay, has more than 600 million active users, which is equivalent to almost 40% of the Chinese mobile payment market.

While the new partnerships do not help Stripe make an entry into China, the world's largest retail FinTech market, it will directly connect China's ever-expanding cashless consumer base to hundreds of thousands of Stripe-powered businesses and merchants around the world. The company charges a fee for every transaction processed on its platform.

"By deepening our existing partnership with Alipay, and launching a new partnership with WeChat Pay, we're enabling businesses to easily access the once-impenetrable Chinese market, and in the manner Chinese consumers prefer", said John Collison, Stripe's president and co-founder of Stripe, in a statement. Alipay is used by about half a billion Chinese shoppers.

Stripe's partnership with the two companies could signal a significant sea change for online commerce, unlocking a customer base previously untouchable to them for an affordable price. Its mobile wallet is already accepted by more than 100,000 retailers in 70 global markets. Stripe noted it has teamed up with Alipay to support recurring payments for its users.

Paying by mobile in China hit $5.5 trillion (£4.3 trillion) past year, with Alibaba offshoot Ant Financial's Alipay and Tencent's WeChat Pay dominating, according to iResearch.

The integration coincides with the payments processor's official launch in Hong Kong.

Chinese mobile wallets are travelling the world in the pockets of Chinese users.

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