Alipay and WeChat Clinch Strategic Cooperation With US Start-Up Stripe
Zhang Xia
DATE:  Jul 11 2017
/ SOURCE:  Yicai
Alipay and WeChat Clinch Strategic Cooperation With US Start-Up Stripe Alipay and WeChat Clinch Strategic Cooperation With US Start-Up Stripe

(Yicai Global) July 11 -- Stripe, a US start-up with an estimated value of around USD9 billion, has entered into a strategic partnership with China's Alipay and WeChat.

On July 10, the US-based start-up Stripe announced its strategic cooperation with Alipay and WeChat, in a sign that businesses from over 25 countries around the world, including the US, can gain access to payment from Chinese consumers via Stripe's payment platform.

Those global commercial tenants that rely on Stripe's platform are able to receive money from hundreds of millions of Chinese consumers. At present, the company boasts an estimated valuen of USD9 billion, and has already banked USD460 million from investors. Stripe officially marched with its service into Hong Kong yesterday.

Alipay comes as the flagship payment service of Ant Financial Services Group. With a user base of over 520 million, it the financial subsidiary under Chinese e-commerce behemoth Alibaba Group Holding Ltd. [NYSE:BABA]. While WeChat, followed by over 600 million users, is the payment application controlled by China's entertainment and social networking service provider Tencent Holdings Ltd. [HK:0700].

Founded in 2010 and headquartered in San Francisco, CA, Stripe provides technology services for internet businesses, with the latter's payment channels incorporated into its website. It is now focusing on its pitch to the online sector, and creates the Software Development Kit (SDK) template for commercial tenants by gathering various online and offline payment means together.

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Keywords:   Tech, Payment Platform, Internet, Innovation, Cooperation, Alipay, WeChat Pay