US-based in-app payment company Stripe expanded into Hong Kong and announced it worked out deals with China’s largest mobile payment platforms enabling Chinese users to pay with Alipay and WeChat Pay at online merchants using Stripe in 25 countries.
The Silicon Valley startup is also rolling out support for Hong Kong users to get paid out in USD without currency conversion to local, USD-denominated bank accounts, it said in a statement.
Stripe expanded into Japan in October 2016, a few weeks after launching in Singapore. Australia was its first Asian market.
The company said merchants can integrate both Alipay and WeChat Pay using Sources, its unified API for accepting any payment method with a single integration.
Alipay and WeChat Pay dominate the mobile wallet ecosystem in China, with a combined market share of 92 per cent in 2016.
Alipay is the online payment service of Ant Financial, the financial arm of Chinese e-commerce company Alibaba. WeChat Pay is the mobile payment app of China’s largest social media and gaming company Tencent.