Digital payment company Stripe has struck a deal to launch its services with AliPay and WeChat Pay as part of a partnership to expand its reach with customers in China.
The global payment provider will assist businesses with handling digital transactions in China with more ease.
Key services will include allowing retailers in different countries to accept payment through its digital wallet services. This includes providing a subscription service and SaaS (Software as a Service) as a means to connect consumers to make regular reoccurring payments.
The company aims to target the market, and broaden services with use of its online transaction payment methods. This comes in an attempt to encourage global transactions between business and customers in China.
Stripe, which is currently valued at around $9bn is expected to expand its services further in China’s demanding online markets. This partnership is a major strategic move following AliPay and WeChat’s success, which is claimed to have over 500 million users each accounting for 92% of China’s wallet ecosystem.
The expansion will allow AliPay and WeChat Pay to connect to Stripe businesses in over 25 different countries, allowing Chinese consumers to have expanded access to digital payment methods, and in turn encourage active use of online payment transactions.
The deal will allow local companies to access applications including Stripe Radar, a service designed to help eradicate fraud, with use of machine algorithms to boost security when making online payments. This includes allowing businesses to be equipped with 3D Secure, which will offer businesses and customers a means of accepting card payments by ensuring they are not fraudulent, making the process more convenient. Consumers will be able to verify a business’s identity and vice versa, having access to immediate updates following any transactions made.
Other features include allowing users to connect with different custom accounts, these include independent businesses using Stripe and making ecommerce transactions, express accounts which allows business to generate better user experience following their demand in the market place, and a custom account which allows businesses to strictly build a platform using an API designed to enhance user experience.
As a means to take measures to expand global payment transactions, the company is also giving businesses the option to be paid in dollars.
AliPay and Wechat Pay will be implemented by Stripe as a means of making payments using securer methods, and giving consumers the an easier access to make reoccurring transactions regularly.
This in turn makes it easier for businesses and consumers to detect secure accounts, which is beneficial to businesses providing global digital services.