Technology startup Stripe is betting big on China’s e-wallet market, declares strategic partnership with Alipay and WeChat Pay

Date: 2017-07-11   Author: Satarupa De  Category: #technology

Technology startup Stripe is betting big on China’s e-wallet market, declares strategic partnership with Alipay and WeChat Pay

The renowned Silicon Valley-based online payment startup, Stripe, seems to be expanding its global footprints with the announcement of forming an alliance with WeChat Pay and Alipay, two of China’s leading digital payment providers. The deal would allow Stripe to connect to China’s extended e-commerce markets with merchants all over the world. With these integrations, the company looks forward to improving its revenue margins by exploiting China’s vast market, as cited by reliable sources. Stripe, which has already marked its position amidst other Silicon Valley firms, is now focusing on reshaping the payment landscape by exploiting the digital technologies.

Cofounded in 2010 by the Collision brothers Patrick and John, Stripe’s interest always lay in bridging the gap between the real and digital world. The company incorporates technologies that enable the wholesalers to access online payment. As per records, Stripe supports payment processing in 135 currencies. In addition, it is a well-established fact that the company has allowed its customers to make Bitcoin payments as well. With this kind of flexibility in payment modes, Stripe undoubtedly has showcased its consumer commitment, which indeed is making its cross-border commerce more seamless.

As per the report, this is not the first time Stripe is partnering with Alipay. The two had previously joined hands for helping merchants in the United States registered on its platform to integrate Alipay, the flagship payment method of Ant Fiscal. The recent deal embarks Stripe’s first partnership with WeChat Pay, the Chinese social media payment app, holding around 600 million users. Both these digital providers, Alipay and WeChat Pay, collectively cover majority of the overall China’s e-wallet market share. The strategy of Stripe to unite with both these firms is indeed one of the biggest bets in the Chinese retail market and is likely to mark a significant change in online commerce.

As per industry experts, Stripe’s main focus is not to penetrate the entire Asian market but to explore the massive Chinese consumer base, which is, in fact, one of the highest online spending demographics across the world. With this master stroke, Stripe is not only expected to open new growth opportunities for the new entrants and the existing markets, but it has also allowed Chinese consumers to avail North American brands with a payment option, Alipay. Though Stripe has already recorded a reputation with its e-commerce investments, it now remains to be seen how this strategic partnership with WeChat Pay and Alipay strikes a positive chord for the company in terms of revenue.

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