The American payment firm, Stripe has today announced two major partnership with AliPay and WeChat Pay, to help merchant to easily charge money from Chinese consumer.
According to the latest deal, “Both AliPay and WeChat Pay will add Stripe API script to easily charge money from Chinese consumers in US dollars”. In 2016, Both AliPay and WeChat Pay dominated the digital wallet business in China, with 92% market shares.
AliPay as part of Alibaba’s Ant Financial, which is used by 500 million peoples, as compare to China’s popular messaging app feature WeChat Pay which claims to have more than 600 million users across China.
According to the latest reports issued by UN-based Better Than Cash Alliance, “Users sent $1.7 trillion in total payments through Alibaba’s AliPay service last year, compared to only $70 billion in 2012. Whereas Tencent’s WeChat users sent about $1.2 trillion in 2016, up from $11.6 billion in 2012.”
AliPay integration will also supports repayment by stripe, which will provide subscription based services including Saas and various consumer payment plans.
Initially integration with WeChat Pay, which is managed by Tencent Technology giant of $ 30 million is done in private beta. That is, it is not yet available to all Stripe merchants.
Stripes, which brought up $ 9 billion investors and $ 460 million investors also announced today the launch of services in Hong Kong.
In total, it covers 25 countries around the world.
[graphiq id=”8t13yY3lvnf” title=”Stripe” width=”500″ height=”400″ url=”https://sw.graphiq.com/w/8t13yY3lvnf” frozen=”true”]