Monday, 22 October, 2018

China's Alipay and WeChat Pay go global with new partnership

CHINA-ECONOMY-GROWTH-GDP Startup Stripe provides technology for online commerce
Orlando Vargas | 10 July, 2017, 13:49

STRIPE, the online payments company popular with e-commerce entrepreneurs and software developers, has announced a global partnership with Alipay and WeChat Pay to connect China's massive consumer market with merchants all around the world.

This isn't the first time Stripe has worked with Alipay-the two companies previously partnered to enable U.S. merchants to integrate with the payment service, which is an arm of Ant Financial.

Starting Sunday, the partnerships will allow online merchants using Stripe to integrate the ability for Chinese users to pay with Alipay and WeChat Pay on their websites, the company said.

"Digital wallets are the payment method of choice in mobile-first markets like China". In turn, Chinese consumers will have expanded choice as to which worldwide online merchants they can purchase products and services from, he added. Additionally, the firm has partnered with Alipay to support recurring payments for Stripe users, easing the experience for SaaS and subscriptions-based businesses on the platform.

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The integration will now enable all Stripe merchants in over 25 countries make money from Chinese consumers.

Stripe has also officially launched its Hong Kong office which will enable local companies to use their services, such as Stripe Radar, Custom accounts, and 3D Secure support. The company charges a fee for every transaction processed on its platform.

"If you are an internet business this unlocks a new vast customer base", said John Collison to Reuters.

WeChat and mobile payment solutions are part of daily life for people in China, with over 938 million active users monthly. "We are looking forward to expand our business and to offer WeChat Pay for customers all over Europe".

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