Payment platform Adyen announced a new collaboration with payment and lifestyle platform Alipay.
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 the Chinese mainland 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 utilize Adyen’s rich insights into payment authorization to help ensure higher transaction approval rates and an elevated level of user experience for our customers.”
Clara Shi, Head of Financial Institution Strategic Partnership, International Business Group, Alipay
Adyen to drive optimization of the payment process
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 optimization of the payment process.
The company’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.”
Warren Hayashi, President of Adyen, Asia-Pacific
Adyen continues to expand globally with more high-profile brands as the company already calls Facebook, eBay, Uber, Spotify, Singapore Airlines, Cathay Pacific, Grab, Klook, Lorna Jane, Freelancer.com, Kogan.com and the Cotton On Group as customers.
READ MORE: Adyen now supports Interac Debit in Canada
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