Alipay and Lyf Pay has officially joined the international association nexo standards as principal and associate Members respectively.
nexo standards is a global association dedicated to enabling fast, interoperable and borderless payments acceptance.
This is done by standardising the exchange of payment acceptance data between merchants, acquirers, payment service providers and other payment stakeholders.
nexo standards messaging protocols and specifications uphold to ISO20022 standards and consists of almost 90 payment acceptance companies.
“nexo’s mission of enabling interoperability in global payment acceptance can only be achieved with engagement and dedication from key payment industry players such as Alipay and Lyf Pay,” comments Claude Brun, chairman, nexo standards.
“As we continue to look forward and respond to the rapidly evolving needs of the innovative, fast-paced payments market, the extensive experience and specialist knowledge these key players bring to our association will be invaluable.”
Joining the association as a ‘principal member’ provides Alipay the opportunity to “contribute strategically” to new group initiatives.
Alipay, operated by Ant Financial Services Group, is one of Chinese most dominant payment methods – serving more than one billion users worldwide via its e-wallet partners.
“The work of nexo standards is becoming increasingly important and relevant from a global perspective,” explained Jane Song, senior director, international business group, Alipay.
“At Alipay, we work with over 250 overseas financial institutions and payment solution providers to enable cross-border payments for Chinese travellers and overseas customers who purchase products from Chinese e-commerce sites.
“As a Principal member of nexo, we hope to share our international insights and in-depth mobile expertise to contribute to the continued growth and success of the association.”
Both payment firms will begin to contribute towards the development of future nexo messaging protocols and specifications all in a bid to support the associations aims to “enhance its support for global mobile payment acceptance.”
Lyf Pay is a French-based universal payment solution that collates all payments and associated loyalty services into one mobile application.
Christophe Dolique, CEO, Lyf Pay said: “Lyf Pay enables today’s retail stakeholders to strengthen their customer relationships with more seamless omnichannel shopping and payment experiences, combined with tailored merchant value-added services.”
“Through our membership of nexo, we want to ease and simplify the integration of digital transformation projects for all retail and payment stakeholders to help reduce costs, invest in future-proof solutions and encourage cross-border partnerships.
“We’re committed to offering our expertise to support the functional and technical development of nexo’s messaging protocols and specifications, supporting the organisation’s mission to continue simplifying the acceptance and deployment of mobile payment services globally.”
