July 11, 2017
Merchant customers of Stripe seeking to expand into the largest e-commerce market on earth now are able to accept the two most popular digital payment methods in that country. Chinese consumers have flocked to mobile online payments, specifically Alipay and WeChat Pay. The payment methods have become ingrained in the social media lives of Chinese shoppers, accounting for 92 percent of digital wallet payments in a country where digital payments are thriving. Alipay, the payment arm of e-commerce goliath Alibaba, claims 520 million active users. WeChat Pay, a payment method developed by Alibaba’s main Chinese competitor Tencent, is part of the most vibrant social network in China, boasting more than 600 million users.
“Digital wallets are the payment method of choice in mobile-first markets like China,” said Piruze Sabuncu, head of Southeast Asia and Hong Kong for Stripe. “In 2016, Alipay and WeChat Pay dominated the mobile wallet ecosystem in China. So, today we’re introducing global support for Alipay and WeChat Pay, connecting Stripe businesses in 25-plus countries to the hundreds of millions of Chinese consumers that actively use these payment methods.”