- Integration to benefit Internet businesses that want to enter the Chinese market
- Stripe’s integration works in Hong Kong, Japan and Singapore with more countries in the pipeline
PAYMENT-processing company Stripe announced that it has partnered with Alipay and WeChat Pay to open the burgeoning Chinese consumer market to the Southeast Asian region.
Stripe is a software platform that provides solutions to allow Internet businesses to accept secure payments from customers and build subscription-based billings.
Stripe head of Southeast Asia and Hong Kong Piruze Sabuncu said in an email interview with DNA that Chinese consumer demand for overseas goods has skyrocketed.
“This presents a vastly untapped opportunity for businesses outside of China. In fact, Chinese consumers are expected to spend more than US$150 billion on foreign goods by 2020. We are really excited to help unlock the traditionally impenetrable Chinese consumer market for Internet businesses everywhere,” she said.
The market in China, with over 731 million Internet is equivalent to the entire population of Europe.
Stripe’s announcement means that local companies can now accept payments from Chinese consumers who use these payments methods extensively, with payments converted to local currency in just a few clicks.
Alipay and WeChat Pay dominate the Chinese payment landscape commanding US$5.5 trillion in mobile payments alone, owning 92% of the mobile wallet ecosystem.
“We are really excited to have launched global support for Alipay and WeChat Pay this week, connecting businesses using Stripe in over 20 countries to the billion or so Chinese consumers that use these digital wallets extensively,” said Sabuncu.
Alipay and WeChat Pay dominate the USD$5.5 trillion mobile payments market in China, with over 90% market share between them. As mobile commerce accounts for 71% of Chinese e-commerce, being able to activate both payment methods in just a few clicks will make it easier for internet businesses of all sizes to access the world’s largest consumer market.
For the first time, businesses can activate the options to accept Alipay and WeChat from their Stripe dashboard without the need for additional developer work or length approval processes.
In addition, the Alipay integration will support both one-time and recurring payments allowing software as a service and subscription services to accept Alipay.
According to Stripe, the intention behind launching these global strategic partnerships with Alipay and WeChat Pay were to enable businesses to use Stripe globally -- including merchants in Singapore, Japan and Hong Kong -- to access the vast Chinese consumer market.
“We are actively looking at a number of markets in Southeast Asia and look forward to making Stripe available to more Southeast Asian businesses in the near future. For now, Southeast Asian businesses that are interested in offering immediate support for Alipay and WeChat Pay can consider using our product Atlas to gain access to the full Stripe stack,” Sabuncu added.
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