Lotte.com, the Korean online mall, has collaborated with Chinese payment company Alipay to expand its payment options for its customers in China.
With this partnership, the retail major is intending to bank on its heavy business from Chinese consumers, by authorizing payment services of Alipay for the purchases on Lotte.com.
Among its 19 operating markets, China accounts for the largest customer base for Lotte.
Lotte.com new business division director Jang-gyu Kim said that the addition of Alipay’s e-payment option allows the retailer to offer a more convenient shopping experience to Chinese customers.
"Going forward, we will continue to study the behavior such as payment preferences of consumers in other countries in order to offer more localized services and matching products in each market," added Kim.
Alipay that started its cross-border payment services in 2007, currently operates in across 1,500 overseas merchants from more than 34 countries and regions.
Alipay Korea head of Business Development Kiki Wu said that the company is delighted to collaborate with Lotte.com to help meet the growing demand for Korean products from China.
"With this partnership, Chinese consumers will no longer have to travel to Korea to buy what they want – they can now order Korean products on Lotte.com and have them delivered to their doorstep with added convenience. The collaboration will also make it easier for Korean brands who offer their products on Lotte.com to enter the China market much more easily," added Wu.