Business Irish

Friday 22 September 2017

Stripe signs deals to access China

Patrick and John Collison of Stripe
Patrick and John Collison of Stripe

Selina Wang

Stripe - the San Francisco-based startup set up by two Irish brothers - has unveiled a partnership deal with two of China's biggest digital payment services, giving it access to hundreds of millions of Chinese customers.

Businesses that use Stripe can now accept Alipay and WeChat as payment methods on their websites, according to a statement from Stripe. Stripe provides software that lets businesses accept payments online, and offers tools to help with data security, fraud prevention, accounting, and billing.

"By deepening our existing partnership with Alipay, we're enabling businesses around the world to instantly access the once-impenetrable Chinese consumer market," said John Collison, president and co-founder of Stripe along with his brother, Patrick.

Alipay and WeChat Pay dominate the mobile-payments market in China with a combined 90pc share. Alipay is used by about half a billion Chinese shoppers.

In seven years, Stripe has grown into a global company valued at $9.2 billion. It has users in more than 100 countries, including Asia. (Bloomberg)

Irish Independent

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