American digital payment startup Stripe has signed an agreement with China’s Alipay, enabling Chinese merchants and customers to easily pay for the purchases.
The agreement will enable any business that runs its payments system on Stripe to accept payment for purchases made with Alipay on their websites and mobile apps.
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Stripe co-founder and CEO Patrick Collison was quoted by the wsj.com as saying that using Stripe’s payment software, merchants can now detect if a shopper is located in mainland China and give them the option of paying with their account on Alipay.
"We want to enable businesses anywhere to sell to buyers anywhere," Collison told the publication.
Alipay group vice-president and Alipay U.S head Jingming Li said, "We’re excited to cooperate with Stripe to help accelerate the introduction of Western brands into China, and to turn global online shopping into a simple and enjoyable experience for Chinese consumers."
Stripe’s latest deal with Alipay is part of its strategy to boost its online payments business by expanding into new overseas markets. Currently, the US company allows online merchants to carry out transactions using 139 currencies and Bitcoin.
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By GlobalDataFounded in 2004, Alipay operates as an online payment division of Chinese e-commerce giant Alibaba Group, and was divided from Alibaba in 2010 to become an affiliate.
