Smartpay has partnered with online payment platform, Alipay, China’s preferred payment method. The partnership will allow Smartpay to not only enable, but also acquire Alipay transactions.
Chinese consumers are one of our most popular tourists, and including Alipay will allow up to 25,000 merchants to gain access to these consumers.
Alipay, owned by Ant Financial Services Group, is the world’s largest mobile and online payment platform. With current users sitting in around 520 million.
Now Smartpay has included the platform within its offering that will see up to 25,000 Australian and New Zealand Smartpay merchants able to accept it.
Smartpay is commencing the Alipay rollout with a pilot program in New Zealand which enables participating merchants to generate a transaction specific QR code via the terminal for their customers to scan – the acceptance comes back to the terminal and can integrate seamlessly with the Point of Sale.
For merchants who wish to accept Alipay, for the vast majority this will be possible through a software update. A pilot in Australia will follow the New Zealand roll out in the next few months.
Beyond payments, Alipay helps merchants to market their offer to millions of Chinese tourists through unique capabilities like location-based marketing and loyalty rewards. Smartpay will earn a share of total transaction value through the agreement.
Bradley Gerdis, Smartpay managing director, said the brands similar target of consumer growth will help to strengthen the partnership.
“Innovation is a key factor in our strategy to offer a complete end-to-end acquiring product and this partnership with Alipay will give us a competitive point of difference in important market segments, particularly tourism and hospitality.”
“Our implementation of Alipay showcases our market leading SmartConnect cloud based open API payments platform as we leverage our investment in this cutting-edge technology to bring value added solutions to our merchants and their customers.”
Being able to further target to the Chinese consumer would be a financially smart move for retailers looking to capitalise on our second largest tourist market.
According to Tourism New Zealand, the average Chinese consumer has an average spend of $4,068 for an 18-day trip. According to Tourism New Zealand, Chinese holiday visitors are increasingly choosing to travel solo rather than a group. With 55 percent being independent professionals, and 31 percent being active baby-boomers.
Update: At the time this story was published, Smartpay shares jumped 35 percent. The shares climbed 6 cents to 22 cents, having dropped 12 percent in the past year.