Alipay has become the Chinese preferred omnichannel payment method and NAB wants to ensure that merchants have every payment tool to attract customers both online and offline.
Alipay is operated by Ant Financial Services Group, a related company of Alibaba, and has been expanding rapidly inside and beyond China. Over 10 million brick-and-mortar merchants now accept Alipay across China. Alipay’s in-store payment service is covering more than 30 countries and supports 27 currencies.
The number of Chinese consumers visiting North America is predicted to grow to four million in 2017. In addition, the Chinese middle class is presently the single fastest-growing online consumer market in the world, estimated to grow to 600 million by 2020, and North American merchants will be well-positioned with this customer base if they are able to accept the preferred payment type of this consumer demographic whether in store, or online.
Alipay is enabled on the EPX processing platform and will be accessible to independent software vendors (ISVs) wanting to integrate with the technology in December 2017. PayAnywhere users are able to use a camera, or barcode scanner, to accept Alipay through both the mobile app and PayAnywhere Storefront.
By the end of 2017, Alipay acceptance will be rolled out to all of NAB’s semi-integrated MICROS terminals, along with their entire Ingenico terminal merchant base.
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