Adyen, the payments platform of choice for many of the world’s leading companies, has announced a collaboration with Alipay, the payment and lifestyle platform.
Alipay is operated by Ant Financial Services Group, the fintech player of Alibaba’s ecosystem, to support payment methods for the AliExpress, Taobao, Tmall and Alibaba.com brands globally.
The partnership with Alipay means that Adyen will support Alibaba, operator of the world’s largest retail commerce business offering services to consumers, merchants and brands. With this partnership in place, Adyen will facilitate payments outside of mainland China for AliExpress, Taobao, Tmall and Alibaba.com as the Alibaba Group looks to enhance and streamline existing payment management operations.
“Adyen’s products are built with fast-growing, fast-moving businesses like Alibaba in mind. Adyen is designed to deliver real-time, data-driven and quickly scalable payment options. Alipay can utilise Adyen’s rich insights into payment authorisation 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 Clara Shi, Head of Financial Institution Strategic Partnership, International Business Group, Alipay.
With the collaboration in place, the benefits of using Adyen’s solutions include higher approval rates, shorter settlement cycles and access to granular data insights to drive optimisation of the payment process. Adyen’s solution also offers Alibaba the ability to turn on additional payment methods quickly to build trust with local customers.
“At Adyen, our goal is to remove complexity from the payment process. Our solutions are created for fast-growing global giants like Alibaba who want to create a frictionless, uniform experience for their customers regardless of geography. We’re pleased to partner with Alipay and to be part of Alibaba’s journey as they seek to enter new markets and acquire new customers,” said Warren Hayashi, President of Adyen, Asia-Pacific.