Stripe software company has partnered with Alipay and WeChat Pay to help Singapore and regional businesses tap into the Chinese consumer market.
This means Singapore e-commerce companies can now accept payments from Chinese consumers, arriving in their bank accounts as Singapore dollars. The Alipay and WeChat Pay have more than 1 billion users collectively – 92 per cent of the mobile wallet ecosystem – while the Chinese market has more than 731 million internet users
Stripe-powered companies will be able to activate both payment methods in just a few clicks, and for the first time, Alipay is offering recurring payments. Alipay one-time payments will be generally available to Stripe users globally, while recurring payments and WeChat Pay support will be in private beta.
Stripe’s new partnerships coincide with the e-commerce payment software company’s official launch in Hong Kong. Stripe processes billions of dollars a year for hundreds of thousands of businesses spanning 25 countries.
Its services include fighting fraud, dealing with regulatory complexity, paying out to third parties and providing real-time analytics about revenue.