Tuesday, February 26th, 2019
Early this year, Alibaba’s payments arm Alipay announced that it was expanding its presence in mainland Europe. Already the largest payment service on the planet, securing a licence in Luxembourg will only expand the providers reach and power even further.
This move was confirmed by Luxembourg’s finance minister Pierre Gramegna via Twitter during an official visit to Hong Kong. He not only confirmed that Alipay had successfully secured a licence for electronic payments in the country, but also that the move would strengthen ties between Europe and China.
Early on, Alipay overtook PayPal as the world’s largest online payments provider in 2013. Alipay already has a licence in the UK and has been adopted by numerous retailers and also has a European passport. In addition to operating freely within the EU, Alipay boasts 1 billion users worldwide, of which 700 million are estimated to be Chinese.
What is Alipay?
Alipay is an eWallet payment method. Essentially, it is a secure place where consumers can store their funds to be used online. There are three ways shoppers can make a payment:
- The default option involves using the consumers’ mobile device (phone, tablet, etc.) to scan the QR code that appears on the Alipay payment page. Thus far, this is the favourite payment method.
- A shopper can also choose to log into the Alipay payment page using their Alipay credentials.
- Shoppers using a mobile device can also utilize a payment method – smartphone app – optimised for use on mobile devices.
In addition to this service, Alipay’s services include bank account management, bus and train tickets purchases, credit card bill payments and insurance selection.
What are the Benefits of Alipay for Your Business?
Alipay functions very similar to other mobile or online payment providers like Apple Pay. However, its biggest benefit is that it gives businesses access to even more consumers. For Australian businesses, for example, it provides access to the lucrative Chinese tourist and student market in Australia.
According to recent data, there are currently 300,000 Chinese students enrolled in Australian educational institutions. While in the country, they spend $90,000 annually on average. So far, Alipay is available in 70 markets and has been adopted by over 80,000 retail stores worldwide.
Where to Find More Information on Alipay
Are you interested in learning more about Alipay or other payment processing solutions for your business? As consumers preferences continue to grow more sophisticated and demanding, now is the perfect time to make sure your business is equipped with fast, secure payment processing options. The experts at Best Payment Providers have compiled all the information you need to choose the payment processing provider that is right for your business’ unique needs.
Take a moment to browse through the many reviews and tips – like Alipay review – Best Payment Providers has to offer. You will find a long list of merchant processors, along with the information and details you need to match a processor with your business. Is your business considered “high risk”? No problem. You will also find numerous high-risk providers that specialize in working with high risk business types and industries.
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