Stripe has partnered with China’s UnionPay International, one of the world’s largest payment networks.
The integration will enable businesses in more than 30 markets, including Australia, Singapore, Hong Kong SAR, Canada, the United States, the United Kingdom, as well as across the European Union, to:
- securely and seamlessly accept payments from billions of UnionPay cardholders globally
- offer localized and flexible checkout experiences for consumers by easily facilitating transactions in Chinese Yuan and multiple global currencies
- automate processes to manage refunds and customer disputes
- easily manage payments, reporting, and payouts across all of Stripe’s products via a single powerful interface: the Stripe dashboard
Bomee Sheng, Product Director of UnionPay International, said:
“Stripe is a perfect partner for us to help merchants around the world connect with UnionPay cardholders globally. The partnership also dramatically increases opportunities for these merchants to enter the Chinese and Asia-Pacific e-commerce market. Our billions of UnionPay cardholders can now conveniently and confidently use their preferred payment method with an ever-increasing number of merchants across the world.”
Nicolas Pickaerts, Vice President of Global Development at MATCHESFASHION, the global destination for online luxury for men and women, explained:
“Through one integration with Stripe, we were able to increase our acceptance rates by creating a bespoke approach for each market: offering relevant local payment methods including UnionPay, optimising payments, and navigating 3D Secure in a user-friendly way for our customers. It has been key in helping us to drive growth and acquisition globally.”
Noah Pepper, Stripe’s Asia Pacific Business Lead, said:
“On average, Stripe users double their revenue from Chinese consumers by introducing payment methods such as UnionPay, Alipay or WeChat Pay. We’re hoping to accelerate cross-border trade with China by providing an opportunity for large enterprises and small businesses alike to tap into the world’s largest e-commerce market”.
