Fintech company Stripe has deepened its partnership with Chinese payment network UnionPay International, with a focus on multiple markets around the world.
The duo aim to allow businesses to securely accept payments from UnionPay cardholders and offer localised checkout experiences for consumers by facilitating transactions in Chinese Yuan and other global currencies.
Additionally, Stripe and UnionPay intend to automate processes to manage refunds and customer disputes and manage payments, reporting and payouts across all of the former’s products via its ‘Stripe dashboard’ interface.
“Stripe is a perfect partner for us to help merchants around the world connect with UnionPay cardholders globally,” said Bomee Sheng, Product Director of UnionPay International.
“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.”
Businesses in 30 different markets will be targeted as a result of the partnership expansion, including Australia, Canada, Hong Kong, the UK, the US, Singapore and several European Union countries.
The collaboration between the two has continued after a 12-month beta phase, complimenting Stripe’s integrations with Alipay and WeChat Pay. The new partnership will enable Stripe’s business users to access one billion Chinese consumers both inside and outside mainland China.
Noah Pepper, Stripe’s Asia Pacific Business Lead, remarked: “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.”