Digital payments company Stripe is reportedly adding global support for Alipay and WeChat Pay.The idea is to connect business customers with Chine
Digital payments company Stripe is reportedly adding global support for Alipay and WeChat Pay.
The idea is to connect business customers with Chinese consumers that use the platforms as paymets methods.
Stripe integrated with WeChat and Alipay after its entry to Hong Kong`s market. As finextra.com wrote in a recent article, the company offers local businesses access to the full Stripe stack and support for Hong Kong users to get paid out in USD without currency conversion to local USD-denominated bank accounts.
Stripe arrived in Hong Kong after launching into six new European markets, bringing its coverage to 25 countries worldwide.
By adding support for WeChat and Alipay, Stripe merchants can take over the large Chinese consumer market. AliPay and WeChat dominate the mobile wallet ecosystem in China with 92% market share between them, amounting to a combined $3 trillion in payment in 2016, acording to finextra.com.
Alipay and WeChat Pay can be implemented with Sources, Stripe`s unified API for accepting payment methods. As the article added, the company has joined forces with Alipay to support recurring payments for Stripe users, while making it easier for SaaS and subscriptions-based businesses on the platform.