SAN FRANCISCO | US payments firm Stripe partners with Alibaba’s payments service Alipay and adds this popular Chinese payment method to its Stripe Checkout (merchant can sign up for beta). The partnership enables Stripe's merchants to tap into the booming Chinese ecommerce market with 1.3 billion people. At the same time it paves the way for Alibaba to expand its Alipay payment service to the West. Alipay is China’s most popular online payment method, used for over half of Chinese internet transactions.
Stripe Checkout is an easy way to accept payments online and in mobile apps and can bridge multiple payment instruments and currencies with just one integration. Online retailers and businesses can seamlessly accept debit and credit card payments in 139 currencies, Bitcoin—and soon Alipay—with just a few clicks. Businesses can now sign up for the Stripe + Alipay beta.
Chinese most popular payment method
Launched in 2004, Alipay is the largest online payment instrument in China. Used extensively by Chinese consumers to shop on the web and in mobile applications, Alipay has hundreds of millions of registered users that will now be able to buy from Western sites with ease. Before this partnership, Chinese consumers needed to get a dual-currency international credit card in order to shop on overseas websites. These were difficult to obtain and were associated with high rejection rates on overseas stores. Allowing Chinese online shoppers the convenience of paying with Alipay across the Chinese border will mean higher conversion rates and more sales for merchants selling into China. Click here to see Alipay's profile.
Stripe Checkout and Alipay Integration
Merchants using Stripe will be able to instantly enable Alipay acceptance. Once enabled, Alipay users will be presented with a customised payment flow that takes place entirely within Stripe Checkout—the buyer never needs to leave the business’s website or app. Traditionally, paying with Alipay meant being bounced to a different site. With Stripe, Alipay users will simply enter their email address and a six-digit SMS code in Checkout to complete payment. The Alipay integration will be available to Checkout users in all countries where Stripe is available. Stripe is currently testing the integration with a few beta users.
Stripe launched in September 2011 and now processes billions of dollars a year for thousands of businesses, from newly-launched start-ups to Fortune 500 companies. Web and mobile businesses around the world using Stripe include Rackspace, Shopify, Reddit, Foursquare, DailyMotion and Lyft. Stripe is 93 people and headquartered in an old trunk factory in the Mission district of San Francisco. The company has received $130 million in funding. For more information visit their website: www.stripe.com
Sourced from Stripe's Blog, June 25th, 2014