Ant Financial Services Group’s payment and lifestyle platform Alipay announced a collaboration with Adyen, the payments platform of choice for many of the world’s leading companies, on August 28.
In cooperation with Alipay, Adyen will support payment methods for Alibaba Group, the world’s largest retail commerce business operator. With this partnership in place, Adyen will facilitate overseas payments for AliExpress, Taobao, Tmall and Alibaba.com as the Alibaba Group seeks to improve and streamline existing payment management operations.
“Alipay can utilize Adyen’s rich insights into payment authorization to help ensure higher transaction approval rates and an elevated level of user experience for our customers. We look forward to continuing our growth trajectory with Adyen,” said Alipay’s Head of Financial Institution Strategic Partnership.
In addition to optimization of the payment process, Alibaba may also turn on additional payment methods quickly to build trust with local customers.
Adyen is a payment platform that integrates gateway, risk management, processing, acquiring, and settlement of payments for directly connecting merchants to Visa, MasterCard, and other payment methods, as well as sales channels, including its merchants’ online, mobile, and point-of-sale channels.
Launched in 2004, Alipay currently serves over 1 billion users with its local e-wallet partners. Its in-store payment service covers over 50 markets across the world, and over 250 overseas solution providers work with Alipay to enable cross-border payments for Chinese travelling abroad and overseas customers using Alibaba e-commerce sites.