Stripe has expanded its footprint in Asia with its official launch in Hong Kong on Monday (10 July 2017), enabling businesses in the city-state to access the full Stripe stack.
To further help businesses target Chinese consumers, the payment provider has partnered with Alipay and WeChat pay. The collaboration allows businesses on Stripe to accept payments from the two mobile wallets over the internet.
Since they can activate the service from their Stripe dashboards, no additional developer work or lengthy approval processes are required, said Stripe.
The Alipay integration will support both one-time and recurring payments, allowing subscription services to accept Alipay for the first time through a payments platform. One-time payments will be available to Stripe users globally, while recurring payments will be in private beta. WeChat Pay support will also be available in private beta.
Goldman Sachs reported in March that China's online retail market saw sales of US$750 billion last year, and forecasted the market to grow to US1.7 trillion by 2020.
Moreover, mobile-commerce is expected to drive the Chinese online retail market, with eMarketer predicting that more than three-quarters of mainland China's e-commerce transactions in 2018 will be done via mobile devices.
Despite these expected growth, majority of businesses outside of China have been cut off from this market because they are unable to accept the payment methods preferred by Chinese consumers. Stripe's partnerships with WeChat Pay and Alipay thus aim to "enable businesses to easily access the once-impenetrable Chinese market, and in the manner Chinese consumers prefer," said John Collison, president and co-founder of Stripe.
Sign up for CIO Asia eNewsletters.