AMSTERDAM, THE NETHERLANDS -- (Marketwired) -- 10/03/17 -- Adyen, the payments platform of choice for the world's leading companies, today expanded its partnership with the world's largest third-party mobile and online payment platform, Alipay, to enable retailers worldwide to easily accept non-cash payments from Chinese customers in store. Used by more than 520 million people, the Alipay partnership comes at a pivotal time ahead of the Golden Week retail rush.
China's National Day Golden Week, starts on Sunday 1st October, marking a seven-day holiday where over four million Chinese residents will travel abroad to make the most of retail opportunities. The Chinese spend US$300 billion abroad each year, and analysts estimate that UK retailers stand to make upwards of US$446 million over the period(1).
The partnership enables retailers using Adyen's point of sale solution to take payments in store from Chinese consumers paying with their Alipay-enabled mobile device. The Adyen-Alipay solution is completely integrated into the current in store solution Adyen retailers use, so there's no need for additional terminals or devices. The Alipay payment option is simply added as a new option to the existing payment terminal.
"Europe and the US are popular destinations for the Chinese tourists, so it's vital that retailers are able to cater to their needs," said Souheil Badran, President, Alipay North America. "Given the capabilities built into Adyen's omni-channel service for retailers, as well as Alipay's included marketing solution, we look forward to enhancing what it means to deliver an integrated retail solution for retailers."
Roelant Prins, Chief Commercial Officer at Adyen adds: "Chinese tourists are an important audience for retailers to consider. At Adyen, we're committed to making payments processes as easy as possible for retailers, while delivering a great experience for customers. Our partnership with Alipay helps retailers unlock an enormous opportunity to grow and gain more revenue. For Chinese customers travelling abroad, they will encounter the payment experience they are used to while at home."
Adyen is the technology company reinventing payments for the global economy. The only provider of a modern end-to-end infrastructure connecting directly to Visa, MasterCard, and consumers' globally preferred payment methods, Adyen delivers frictionless payments across online, mobile, and in-store. With offices all around the world, Adyen serves more than 4,500 businesses, including 8 of the 10 largest U.S. Internet companies. Customers include Facebook, Uber, Netflix, Spotify, and L'Oréal.
Operated by Ant Financial Services Group, Alipay is the world's largest mobile and online payment platform. Launched in 2004, Alipay currently has over 520 million active users and over 200 domestic financial institution partners. Alipay has evolved from a digital wallet to a lifestyle enabler. Users can hail a taxi, book a hotel, buy movie tickets, pay utility bills, make appointments with doctors, or purchase wealth management products directly from within the app. In addition to online payments, Alipay is expanding to in-store offline payments both inside and outside of China. Over 10 million brick-and-mortar merchants now accept Alipay across China. Alipay's in-store payment service covers more than 30 countries across the world, and tax reimbursement via Alipay is supported in 24 countries and regions. Alipay works with over 250 overseas financial institutions and payment solution providers to enable cross-border payments for Chinese travelling overseas and overseas customers who purchase products from Chinese e-commerce sites. Alipay currently supports 27 currencies. Follow us on Twitter @antfinancial and @alipay.
(1) UK Chinese Visa Alliance, 2017 http://www.theindustrylondon.com/west-end-contribute-11bn-economy-2020/