Stripe Enables Merchants To Accept Alipay and WeChat Pay

Silicon Valley payments company Stripe has partnered with digital payment providers Alipay and WeChat Pay to enable merchants using its platform globally to accept payments from hundreds of millions of Chinese consumers.

Starting Sunday, the partnerships allows online merchants using Stripe to integrate the ability for Chinese users to pay with Alipay and WeChat Pay on their websites, the company said.

Stripe hopes the integration will help boost its revenues by allowing clients to tap China’s vast consumer market, where credit cards account for only a fraction of online spending, the company said.

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Tencent Partners with Wirecard to Launch WeChat Pay in Europe

Tencent has partnered with Wirecard, a Germany-based payments service provider, to launch its WeChat Pay payments service in Europe.

European retailers will be able to accept payments made via WeChat Pay, a social media application that incorporates P2P and mobile payments. The new payments method will be implemented by Wirecard.

The launch of the payments service in Europe is aimed at Chinese tourists, who prefer to make mobile payments when shopping overseas. They have also been the largest spending group of tourists in Europe, spending more than USD 261 billion abroad.

The launch of WeChat Pay in Europe will put Tencent in direct competition with Alipay, which has been present on the continent since 2015. Both Chinese payments services have been made available via Wirecard, which acts as an acquirer, centralizing and processing all the transactions for a retailer.

Chinese tourists can open their WeChat wallet feature, show the barcode on their smartphone to the retailer, and the shop assistant will scan the code to activate the payment process. The solution will be ready to go live in November 2017.

dLocal Integrates WeChat Pay, AliPay and UnionPay

dLocal has announced that it supports payments through WeChat Pay, AliPay and Union Pay on its platform.

Together, the three online payments providers cover 70% of the Chinese market which had a value of USD 2.9 trillion in online payments in 2016. The new integration allows merchants on the dLocal platform to reach 300 million Chinese consumers.

The company’s payments platform supports over 200 local payment methods used in emerging markets in APAC, Latin America, Eastern Europe and the Middle East. dLocal supports local credit cards, cash payments, and bank transfers in each region. Merchants that accept payments through dLocal can enable WeChat Pay, AliPay, and Union Pay with just one click.

The cross-border ecommerce market in China is booming. According to Boston Consulting Group, Chinese consumers spent about USD 750 billion online in 2016 and the ecommerce market will continue to grow by 20% annually.