Irish-American digital payments firm Stripe has expanded its partnership with China’s UnionPay International, widening access for its customers to the Chinese consumer market.

The integration will allow businesses in over 30 markets, including the UK, the US, Singapore as well as across the European Union, to accept payments from UnionPay cardholders globally.

It will also enable Stripe sellers to provide localised and flexible checkout experiences for consumers by facilitating transactions in Chinese Yuan and several international currencies.

Furthermore, the businesses will be able to automate processes to manage refunds and customer disputes and manage payments, reporting, and payouts across all of Stripe’s products via the Stripe dashboard.

UnionPay International product director Bomee Sheng said: “Stripe is a perfect partner for us to help merchants around the world connect with UnionPay cardholders globally.

“The partnership also dramatically increases opportunities for these merchants to enter the Chinese and Asia-Pacific e-commerce market. Our billions of UnionPay cardholders can now conveniently and confidently use their preferred payment method with an ever-increasing number of merchants across the world.”

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.

Increasing focus on Chinese consumer market  

Stripe’s partnership with UnionPay builds on its existing Alipay and WeChat Pay integrations that allow large enterprises and small businesses to sell in China.

Stripe is said to help its users gain access to over 1 billion Chinese consumers in and outside mainland China.

According to data by China’s General Administration of Customs, Chinese consumers spent almost $100bn on e-commerce products and services from outside China.

The imports and exports of the country’s cross-border e-commerce surged 31% last year to over $260bn from 2019.

Stripe Asia Pacific business lead Noah Pepper commented: “On average, Stripe users double their revenue from Chinese consumers by introducing payment methods such as UnionPay, Alipay or WeChat Pay.

“We’re hoping to accelerate cross-border trade with China by providing an opportunity for large enterprises and small businesses alike to tap into the world’s largest e-commerce market.”

In April this year, Stripe forayed into the Middle East market by launching its operations in the UAE.