Silicon Valley start-up company Stripe has reached deals with Chinese digital payment service providers Alipay and WeChat payment to enable global vendors to accept payments from Chinese consumers via its platform.
Stripe said that starting from July 10, 2017, the cooperation allows online vendors to accept payments via Alipay and WeChat payment by using Stripe.
In China, payments with credits cards only account for a small part of online payments. Stripe hopes to explore China's massive consumer market by integrating payment services, which will increase its revenue for providers. At present, Alipay has over 520 million users, while WeChat payment has over 600 million users.
John Collison, president and co-founder of Stripe, said during an interview that this will help unlock a large consumer group for Internet companies not based in China. Meanwhile, Chinese consumers will gain more shopping options.
Founded in 2010, Stripe helps vendors from 25 countries to accept online payments with its technologies. They will charge vendors for each transaction completed via its platform.