Payment processor Stripe, founded by Irish entrepreneurs John and Patrick Collison in 2010, announced that it has partnered with digital payment providers Alipay and WeChat Pay recently. This partnership enables online merchants to integrate the ability for Chinese users to pay with Alipay and WeChat Pay in their websites and enhances global acceptance of payments for Chinese market.
In seven years, Stripe has grown into a global company valued at $9.2 billion and it has risen in popularity among software developers and online merchants because of its ease of use. Stripe’s first clients were small U.S. technology companies, but now it has users in more than 100 countries, including Asia. For the time being, Stripe provides technology that enables merchants in 25 countries to accept payments online. Businesses that use Stripe can now accept Alipay and WeChat as payment methods on their websites.
Alipay and WeChat Pay are the revolutionary E-payment system in China. Nowadays, the frequency with which people use cash in China is decreasing on a daily basis. The number of Chinese people and companies who are choosing to use e-payment systems (i.e. Alipay and WeChat Pay) for their purchases and many other transactions is increasing rapidly.
In 2016, they are estimated to have processed approximately $3 trillion: users sent $1.7 trillion in total payments through Alibaba’s Alipay service, compared to only $70 billion in 2012, while Tencent’s WeChat users sent about $1.2 trillion, up from $11.6 billion in 2012. Alipay, with over 500 million users worldwide, and WeChat Pay, with more than 800 million users worldwide, have dominated the mobile wallet ecosystem in China, with more than 90% market share between them.
As China is one of the markets with the greatest potential around the world, it is wise to introduce global support for Alipay and WeChat Pay, which allows global connection and instant access to the once-impenetrable Chinese market with hundreds of millions of consumers and companies that actively use these payment methods: Alipay and WeChat Pay. The integration enables businesses around the world to exploit and tap China’s vast market and it will definitely increase the number of clients of Stripe, boost the amount of transactions and revenues, and enhance the development of the businesses.