Stripe enters deals with Alipay, WeChat Play

Stripe enters deals with Alipay, WeChat Play

Stripe enters deals with Alipay, WeChat Play

The move enables merchants on its platform to receive money from hundreds of millions of Chinese consumers. Stripe already supports payments through BitCoin, ACH payments, and all major credit and debit cards.

Sites which use Stripe to accept payments can now allow Chinese customers to pay with WeChat Pay and Alipay using the service's Source API. It charges a fee on each payments transactions processed through its platform.

But unlike Paypal, consumers won't notice Stripe at work.

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"Digital wallets are the payment method of choice in mobile-first markets like China".

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.

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Access to Chinese consumers has been hard for western retailers, because credit card usage remains low in the country.

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.

China's Singles Day, which gets bigger each year, is now predominantly on mobile too. Besides shopping while traveling overseas, many Chinese buy foreign goods through domestic shopping sites. However, many global e-commerce players, particularly small, regional businesses, have little ability to tap into the market largely because they don't support payments via Alipay and WeChat Pay, which have become the preferred payment options by the country's smartphone-savvy population.

"If you are an internet business, this unlocks a new vast customer base", John Collison, Stripe's president and co-founder, told Reuters. In turn, Chinese consumers will have expanded choice as to which worldwide online merchants they can purchase products and services from, he added.

"If we can help a business double their sales, then it doubles our revenue from that business".

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