This is also exciting news for major retailers and online merchants who accept payments through Stripe. Now retailers using Stripe will be able to simplify the process of taking payments from consumers based in China. Partnering with Wechat Pay and Alipay could encourage Chinese consumers to take advantage of the opportunity to use their payment processing system simply by providing a familiar online payment processing system.
Simplifying Online Payment Processing
Integrating these familiar payment methods could prove to significantly improve the checkout process by simplifying it for global users. Alipay with over 520 million users and WeChat pay with over 600 million users, both have the potential to open up a huge stream of revenue that will prove to be mutually beneficial for Stripe merchants with this partnership.
A New Stream of Revenue for the Global Economy
A New stream of revenue could prove to open the doors for China to play a significant role in boosting global e-commerce. Alipay will now be able to connect Chineese consumers with at least up to 25 overseas countries and extend payment processing to cover major retailers like Target and Lyft.
They are still hammering out the details necessary to implement a process that will allow merchants to accept recurring payments. However, International consumers will at least be able to process one-time payments using both WeChat Pay and Alipay through integrating the use of these services into Stripe’s payment platform, for now.
A Boost to Our Global Economy
Stripe, Alipay, and WeChat Pay have the potential to significantly raise the stakes with competitors like Apple Pay and Amazon by providing a more convenient way for consumers based in China to participate in the global economy.