Technology company, Stripe has further strengthened its partnership with one of the world’s largest payment networks, UnionPay International, with an integration in more than 30 markets including Australia.
It will enable businesses to securely accept payments from UnionPay cardholders globally; offer localised and flexible checkout experiences by facilitating transactions in Chinese Yuan and multiple global currencies; automate processes to manage refunds and customer disputes; as well as manage payments, reporting, and payouts via the Stripe dashboard.
UnionPay International product director, Bomee Sheng said Stripe is a perfect partner to help merchants around the world connect with UnionPay cardholders globally.
“The partnership also increases opportunities for these merchants to enter the Chinese and Asia-Pacific ecommerce market. UnionPay cardholders can now conveniently and confidently use their preferred payment method with an increasing number of merchants across the world.”
Stripe’s partnership with UnionPay International complements its existing Alipay and WeChat Pay integrations. Within a few minutes and through a single integration, Stripe users can access over one billion Chinese consumers in and outside China.
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.”