Stripe Deepens Partnership With UnionPay to Tap Into China’s Consumer Marketby Fintech News Hong Kong September 1, 2021
Payment infrastructure provider Stripe has deepened its partnership with China’s UnionPay International to widen its access to the booming global Chinese consumer market.
Stripe’s partnership with UnionPay International complements its existing Alipay and WeChat Pay integrations. Through a single integration, Stripe users can now access over 1 billion Chinese consumers in and outside mainland China.
The integration will enable businesses in more than 30 markets, including Australia, Singapore, Hong Kong SAR, Canada, the United States, the United Kingdom, as well as across the European Union to securely and seamlessly accept payments from billions of UnionPay cardholders globally.
Stripe said that it will offer localised and flexible checkout experiences for consumers by easily facilitating transactions in Chinese Yuan and multiple global currencies.
Additionally, the partnership will automate processes to manage refunds and customer disputes as well as manage payments, reporting, and payouts across all of Stripe’s products via a single interface on its dashboard.
Stripe claims that thousands of businesses are already using its platform to accept UnionPay transactions after a 12-month beta phase.
Bomee Sheng, Product Director of UnionPay International, said,
“Stripe is a perfect partner for us to help merchants around the world connect with UnionPay cardholders globally. The partnership also dramatically increases opportunities for these merchants to enter the Chinese and Asia-Pacific e-commerce market.
Our billions of UnionPay cardholders can now conveniently and confidently use their preferred payment method with an ever-increasing number of merchants across the world.”
Noah Pepper, Stripe’s Asia Pacific Business Lead, said
“On average, Stripe users double their revenue from Chinese consumers by introducing payment methods such as UnionPay, Alipay or WeChat Pay.
We’re hoping to accelerate cross-border trade with China by providing an opportunity for large enterprises and small businesses alike to tap into the world’s largest e-commerce market”.