Alipay+ has announced a partnership with Yapily to explore the application of Open Banking on a variety of mobile payment platforms.
The partnership will utilise the deployment of more convenient and secure payment options for European consumers to enhance connectivity to merchants, in addition to the 1.4 billion consumer accounts already connected by Alipay+ across Asia.
Enabled by Yapily’s Open Banking infrastructure, consumers who bank with European financial institutions will be able to make cross-border payments to Alipay+ merchants directly from their bank accounts.
Pietro Candela, Head of Development, Europe at Alipay+, commented: “Europe is on the front lines of Open Banking. The region’s unique regulatory framework fosters innovation within its banking ecosystem and gives Account-to-Account, instant and mobile app payments room to grow through open banking solutions.
“As such, we are enthusiastic to begin our collaboration with Yapily, and to develop new payment solutions that bring heightened value and convenience to European consumers and global merchants.”
The introduction of account-based payments is set to streamline Alipay+’s payment process and bolster trust for merchants. Based on Yapily’s Open Banking payments infrastructure, Yapily and Alipay+ will jointly develop new solutions to provide an increase in transaction value by engaging customers throughout the journey, connecting them to promotions and other value-added services.
For merchants, Yapily’s Open Banking payments structure will offer the scalability and resilience to deliver service excellence to consumers, as well as the business agility required to further innovate in the global payment and retail sectors.
Stefano Vaccino, CEO and Founder of Yapily, added: “Open Banking presents a significant opportunity to improve the experience for both merchants and consumers when receiving and making cross-border payments.
“In recognising this potential and launching such new payment solutions, Alipay+ will act as a catalyst for mass adoption of open banking in Europe.
“We are delighted to be providing the infrastructure that is enabling Alipay+ to realise the potential of Open Banking and its mission to make it easy to do business anywhere.”