Stripe launches new functionality to accept Chinese payments
Australian online retailers that use Stripe as their payment gateway can now accept payments made through the Chinese mobile payment apps AliPay and WeChat Pay.
Announcing its support for the Chinese payment platforms yesterday, Stripe said these industry-first partnerships will open Australian businesses to the over one billion consumers in China who use AliPay and WeChat Pay.
The two apps dominate China’s $5.5 trillion mobile payments sector, together owning 90 per cent of all mobile payments spend.
Mobile commerce itself accounts for 71 per cent of Chinese e-commerce, which saw sales of $750 billion in 2016 alone.
But many Australian businesses haven’t been able to tap into China’s burgeoning mobile commerce market, because there hasn’t been an easy way to support Chinese consumers’ preferred payment methods.
Stripe has made it possible for retailers to start accepting AliPay and WeChat Pay immediately, without the need for additional developer work or lengthy approval processes.
One-time payments through AliPay will be generally available to Stripe users globally, while support for recurring payments through AliPay and WeChat Pay will be in private beta.
“Whether in the Eastern or Western hemisphere, we’re focused on arming more businesses with the tools and infrastructure they need to thrive in the modern economy,” said John Collison, president and co-founder of Stripe.
“Stripe aims to build a unified infrastructure for the internet economy. 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.”
The announcement of these new partnerships coincides with Stripe’s official launch in Hong Kong.
From yesterday, businesses located in Hong Kong will have access to the full Stripe stack.