Stripe announces cooperation with Alipay and WeChat Pay
Stripe announces cooperation with Alipay and WeChat Pay
China's Alipay and WeChat Pay go global with new partnership
11 July, 2017, 00:49
Alipay and WeChat Pay can be implemented with Sources, Stripe's unified API that accepts all payment methods with a single integration.
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.
San Francisco-based Stripe is the latest to partner with digital payment platforms Alipay and WeChat Pay, allowing USA merchants using its platform to accept payments from Chinese customers.
For merchants in Singapore, they first have to sign on with Stripe.
China's consumer market is massive, clocking about US$750 billion worth of sales in 2016.
"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", Collison says.
Fintech payments startup unicorn Stripe is targeting China with WeChat Pay and Alipay tie-up (and its trillion dollar-spending mobile shoppers)
Stripe's checkout flow will give Chinese consumers the option to purchase using the platform of their choice. It is considered the most forward region in the world in terms of mobile and digital payments.
"While in preview, we've been able to work with numerous fastest-growing companies in Hong Kong to help them sell to customers anywhere in the world and manage complex business models at scale".
"If you are an internet business this unlocks a new vast customer base", said John Collison to Reuters.
Stripe also announced its partnerships with WeChat and Alipay. In addition, Stripe partnered with Alipay to support recurring payments for Stripe users.
Tencent was founded in Shenzhen in 1998 and went public on the Main Board of the Hong Kong Stock Exchange in 2004.
"In our aim to get to a global cashless society, Alipay has evolved from a digital wallet into a global lifestyle enabler for Chinese consumers and travelers far beyond Chinese borders", said Alipay North America president Souheil Badran.
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