The partnership complements Stripe’s existing integrations and enables large enterprises and small businesses to serve Chinese consumers
Stripe's headquarters in San Francisco. (Credit: HaeB/Wikipedia.)
Payment processing software provider Stripe has teamed up with China-based UnionPay International to widen access to the Chinese consumer market for businesses.
Through the partnership, Stripe allows businesses to securely and seamlessly accept payments from UnionPay cardholders around the world.
Also, the alliance enables them to offer localised and flexible checkout experiences for consumers and automate processes to manage refunds and customer disputes.
The integration will benefit businesses in more than 30 markets, including Australia, Singapore, Hong Kong SAR, Canada, the US, the UK, and the EU countries.
Stripe enables users to easily manage payments, reporting, and payouts across all of its products through a single interface, dubbed Stripe dashboard.
UnionPay International product director Bomee Sheng 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.”
The companies conducted a beta phase for 12 months, in which thousands of businesses have used Stripe to rapidly and easily accept UnionPay transactions.
Stripe said that its partnership with UnionPay International will complement its existing Alipay and WeChat Pay integrations, and enables businesses to offer a better solution for consumers.
Its platform enables users to access more than one billion Chinese consumers in and outside mainland China within a few minutes, through a single integration.
Stripe Asia Pacific business lead Noah Pepper 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.”
In May this year, Stripe has acquired Bouncer, a company building card authentication technology to reduce fraud during online transactions.