Silicon Valley startup Stripe has partnered with digital payment providers Alipay and WeChat Pay to enable merchants using its platform globally to accept payments from hundreds of millions of Chinese consumers.
Starting Sunday, the partnerships allows online merchants using Stripe to integrate the ability for Chinese users to pay with Alipay and WeChat Pay on their websites, the company said.
Stripe hopes the integration will help boost its revenues by allowing clients to tap China's vast consumer market, where credit cards account for only a fraction of online spending, the company said.
Alipay is the flagship payment service of Ant Financial, the financial affiliate of major Chinese ecommerce company Alibaba Group Holding and has over 520 million users. WeChat Pay has more than 600 million users and is the payment app of entertainment and social network firm Tencent Holdings.