The deal allows Chinese consumers to make international payments through Stripe.
In a significant development, Stripe a Silicon Valley startup, has partnered with China’s Alipay and WeChat, to enable digital payments for merchants using its platform globally. Now Stripe can process payments from hundreds of millions of Chinese consumers.
Starting from Sunday, the partnership will allow online merchants using Stripe’s platform to process payments from Chinese customers who use Alipay and WeChat Pay, said the company.
Stripe hopes the partnership will significantly bolster its revenues since it allows it to tap China’s vast consumer market, said the company.
“If you are an internet business this unlocks a new vast customer base,” said John Collison, Stripe’s president and co-founder, in an interview. “If we can help a business double their sales, then it doubles our revenue from that business,” Collison said.
Incidentally, the partnership coincides with the company’s launch in Hong Kong.
Ventured-backed fintech startup Stripe is one of the most valued companies and its popularity has been rising among online merchants as well as software developers thanks to its ease of use.
Stripe had previously partnered with Alipay to enable only U.S. merchants, to integrate with the Chinese payment service. This new global partnership now builds on that experience.
“Demand for services from Chinese consumers is at all-time high,” said Souheil Badran, president of Alipay for North America. He expects the new partnerships to add hundreds of thousands of Stripe-powered businesses around the world.