The Adyen payment service provider is entering into a partnership with Alipay. As a result, Adyen will offer support to the Chinese web store giant Alibaba. The company takes care of payments outside of mainland China for AliExpress, Taobao, Tmall and Alibaba.com worldwide.
No financial details were reported about the cooperation pact. Alipay is owned by Ant Financial, the fintech service of Alibaba. Alipay is the Chinese counterpart and much larger variant of PayPal. The company has grown in recent years into one of the largest fintech companies in the world.
Alipay currently serves more than 1 billion users with its payment services. Founded in 2004, the company works with more than 250 foreign financial institutions for customers from China who are traveling abroad and for consumers who purchase products from Chinese web stores. Alipay supports transactions in 27 different currencies.
Alipay states that Adyen’s products fit well with the fast-growing and fast-moving Alibaba and will contribute to ease of use.