Culture

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

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

These new deals won't do much for Stripe in China - that isn't the point.

Stripe, a US-based startup, has newly partnered with Alipay and WeChat Pay to bring the digital wallets to more than 25 countries.

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. It charges a fee on each payments transactions processed through its platform.

One-time payments through Alipay and WeChat Pay is immediately available in the country, and recurrent payments through Alipay is now being tested for subscription-type transactions.

It had previously partnered with Alipay to enable only the US merchants on its platform to integrate the Chinese payment service.

Stripe's checkout flow will give Chinese consumers the option to purchase using the platform of their choice.

Beyond sheer numbers, both services dominate the landscape in China, accounting for more than 90 percent of China's mobile wallet market.

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.

This isn't the first time Stripe has worked with Alipay-the two companies previously partnered to enable USA merchants to integrate with the payment service, which is an arm of Ant Financial. They are estimated to have processed close to $3 trillion cumulatively in 2016, according to a United Nations report, which put Alipay slightly ahead of $1.7 trillion compared to $1.2 trillion for WeChat Pay. Stripe itself claims handles "billions of [U.S.] dollars a year for hundreds of thousands of businesses". Their global deal with Alipay and WeChat Pay coincides with its expansion into Hong Kong.



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