Industry Trend Analysis - Deals Multiply For Access To Chinese Mobile Consumers - SEPT 2017
BMI View: Stripe's partnership with China's mobile payment giants Alipay and WeChat Pay will give the company access to Chinese consumers and enables Ant Financial and Tencent to expand their global reach as competitive and regulatory pressures weigh on revenues at home.
US-based payment platform Stripe has partnered with Alipay and WeChat Pay to integrate their platforms into its own. Stripe allows merchants to accept electronic payments by integrating the payment process directly into their websites, and avoid dealing directly with banks. The partnerships with the two Chinese payment apps will allow Stripe's customers across 25 countries to accept payments from Alipay and WeChat Pay. The deal gives Stripe access to Chinese consumers, while it enables parent companies Ant Financial and Tencent to expand their global reach.
One-time payments through Alipay will be available to all international users, while WeChat Pay will begin in private beta. Stripe is also conducting a trial for recurring payments with Alipay, for subscription-type transactions. At the same time, Stripe officially launched services in Hong Kong, after it expanded to Singapore and Japan. Beyond its payment infrastructure, the company also offers data analytics, fraud detection and marketplace management software.
|Upward Services Take-up Supports M-Commerce|
|China - Third-Party Mobile Payments Market, 2016-2017|
|Source: iResearch, BMI|