US fintech company Stripe now supports Alipay and WeChat

10 July 2017

stripeStripe, a San Francisco-based technology company providing payment processing services to private individuals and businesses, is partnering with Alipay and WeChat to enable merchants across the globe to accept payments from Chinese shoppers. Now Stripe merchants may sell to buyers using Alipay and WeChat through their websites and applications.

Latest statistical data shows that both Alipay and WeChat are predominant payment options in the region, boasting over half a billion users each. In 2016 the ecommerce sector in China was estimated at $750 billion.

However, in view of limited access to credit cards, Chinese buyers had to do with their local online stores and retailers, having little to no opportunity to shop with merchants located abroad.

There are over 100 thousand customers served by Stripe around the world, paying a fixed commission for each transaction processing made by Stripe. It is currently one of the most priced companies backed by venture capital in the fintech industry. To date Stripe has raised about $450 million from backers which include such names as Sequoia Capital, Andreessen Horowitz and Visa.

While Stripe is expanding into the Chinese market in a move to earn on payments processed from buyers in the region, Alipay continues its conquest of the global markets. Last month Ant Financial entered into a deal with Banco Bilbao Vizcaya Argentaria, S.A. (BBVA) to provide Chinese travelers with the ability to pay using their mobile phones through Alipay. The initiative under the management of BBVA’s New Digital Business department is aimed at enlisting Alipay as another payment option in the bank’s SmartPay mobile app.

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