What your business needs to know about Alipay
Learn how to make use of the payment platform giant.
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Alipay is a Chinese mobile and online payment platform with more than 800 million users in China alone. While Australian consumers prefer tap-and-go payment services, Chinese residents overwhelmingly prefer using mobile payment platforms like Alipay and WeChat Pay to cover everyday payments.
With more than 1 million Chinese tourists visiting Australia each year, and adding over $10 billion into the economy, Alipay integration could help open up your business to a new customer base.
Find out how Alipay works and how to integrate it into your business below.
How does Alipay work?
Alipay is the world's largest mobile payment platform and allows customers to cover purchases using the Alipay app.
Customers download the app and register an account with their bank details. They can then use it at participating merchants by scanning the app's QR code at the point of the sale. The merchant must have a POS system integrated with Alipay, and the purchase will be converted from the customer's native currency (for example, Chinese yuan) into the merchant's currency for payment.
What are the benefits of Alipay for my business?
While Alipay functions much the same as other mobile or online payment providers, such as Apple Pay and Google Pay, its key benefit is in giving your business access to the lucrative Chinese tourist and student market in Australia. There are currently more than 300,000 Chinese students enrolled in Australian educational institutions, and they each spend $90,000 annually on average while in the country.
The Chinese tourism market in Australia is also expected to reach $13 billion by 2020, meaning any business that offers Alipay at the point of sale should have an advantage in tapping into this market.
Which Australian banks support Alipay?
NAB has also announced plans to offer Alipay on all NAB merchant terminals from early next year, and other financial institutions are likely to follow.
How do I set up Alipay at my business?
If your business has a CommBank merchant terminal, you can already accept Alipay payments, and you will soon be able to do so if you have an NAB terminal. Businesses using the CommBank Albert POS terminal just need to download the ePay app in order to accept Alipay payments.
There are a number of Alipay partners that can help your business integrate the platform and once you have submitted your application, your business will generally be approved in one or two days.
If you need funding to help integrate Alipay into your business, read our guide to equipment finance or compare business loans below.
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