The unicorn payments startup founded by two Irish brothers, Stripe, is tapping up the potentially lucrative mobile payments market in China, adding support for WeChat Pay and AliPay in a new tie-up. Every day, hundreds of millions of people communicate, share experiences, consume information and seek entertainment through our integrated platforms.
According to John Collison, president and co-founder of Stripe, previously the majority of businesses outside of China have been cut off from the world's largest consumer market simply because they can't accept the payment methods preferred by Chinese consumers.
"As Australian business look to tap into the Chinese market - being able to integrate Alipay and WeChat Pay into their service absolutely essential for success". More companies are trying to bridge that gap by working with China's online payment giants. Popular among online merchants for its ease of use, Stripe charges a fee on each payment transaction processed through its platform.
China is an important tourism key source market for European countries, the average spending per Chinese tourist reaches Euro 3,000, the spending momentum is growing strong, especially on buying luxury products such as clothes, jewelry and watches, cosmetics and household goods with strong brand names.
"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. "We'd like to thank them for their ongoing support and feedback-from Grana and HBX to Tink Labs and Klook, two-thirds of venture-backed startups accepting payments in Hong Kong now use Stripe". This deal marks Stripe's first partnership with WeChat Pay, which will remain in beta-mode for the foreseeable future. Chinese Alipay and WeChat Pay users can purchase foreign goods in dollars without having to convert to the local currency, according to Stripe's statement today (July 10).