Chinese Internet Shoppers Gain More Payment Options For Overseas Buys

July 25, 2014 | Print | Comments | Category: Business, Internet, Security










Chinese flag and e-commerce on keyboard

Chinese Internet payment service provide Alipay has reached a deal with American online payment company Stripe to provide enhanced overseas shopping payment experience to Chinese users.

With the cooperation, Alipay's Chinese users will be able to complete payment at overseas vendors who can accept payment via Stripe.

Patrick Collison, co-founder and chief executive officer of Stripe, said by using Stripe's payment software, vendors will be able to tell if the customers are from Chinese mainland, and they can provide an Alipay payment option to those customers. Collison said that at present, Stripe allows online vendors to implement trading with 139 kinds of currency as well as Bitcoin. The company also plans to cooperate with popular online payment service providers in regions where the credit card is not commonly used.

During Stripe's financing in January 2014, the company's evaluation reached USD1.75 billion. Its investors included Khosla Ventures, Sequoia Capital, and Founders Fund. Over its four-year operation, Stripe has gained over USD120 million from investors.

Over the past year, Alipay has been expanding into overseas markets and now allows Chinese users to pay at more overseas vendors. The company's latest cooperation includes a partnership with South Korean e-commerce website Lotte.com.



Image Credit: xtock




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