Alipay+ and Yapily have announced a new partnership to explore the application of open banking on various mobile payment platforms and enhance connectivity between consumers and merchants globally. The partnership will catalyse the deployment of an even more convenient and secure payment option for millions of European consumers, in addition to the 1.4 billion consumer accounts already connected by Alipay+ across Asia.

Enabled by Yapily’s open banking infrastructure, consumers who bank with European financial institutions will be able to make cross-border payments to Alipay+ merchants across the world directly from their bank accounts with smooth payment experience and security.

Alipay’s global partnership programme

The collaboration marks a big step in the growth of Alipay+’s global partnership programme. Alipay has formed several partnerships of late, most recently with LankaPay to expand its presence in Sri Lanka.

The introduction of such account-based payments is set to streamline Alipay+’s payment process and bolster trust for merchants. Based on Yapily’s open banking payments infrastructure, Yapily and Alipay+ will jointly develop new solutions to provide the premise for merchants to increase transaction value by engaging customers throughout the buying journey and connecting them to promotions and other value-added services.

For merchants, Yapily’s open banking payments structure will offer the scalability and resilience to deliver service excellence to consumers, as well as the business agility required to further innovate in the payment and retail sectors globally.

Stefano Vaccino, CEO and Founder of Yapily, said: “Open banking presents a significant opportunity to improve the experience for both merchants and consumers when receiving and making cross-border payments. In recognising this potential and launching such new payment solutions, Alipay+ will act as a catalyst for mass adoption of open banking in Europe. We are delighted to be providing the infrastructure that is enabling Alipay+ to realise the potential of open banking and its mission to make it easy to do business anywhere.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Pietro Candela, Alipay+’s head of development in Europe, commented: “Europe is on the front lines of open banking. The region’s unique regulatory framework fosters innovation within its banking ecosystem and gives Account-to-Account, instant and mobile app payments room to grow through open banking solutions. As such, we are enthusiastic to begin our collaboration with Yapily, and to develop new payment solutions that bring heightened value and convenience to European consumers and global merchants.”