Payments platform Adyen has secured a new collaboration with leading payment and lifestyle platform Alipay – operated by Ant Financial Services Group, an affiliate of the Alibaba Group.
Through the agreement, Adyen will support payment methods for the AliExpress, Taobao, Tmall and Alibaba.com brands outside of mainland and globally.
“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. said Clara Shi, Head of Financial Institution Strategic Partnership, International Business Group, Alipay.
“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.”
Adyen will facilitate payments outside of Chinese mainland for AliExpress, Taobao, Tmall and Alibaba.com as the Alibaba Group looks to “enhance and streamline” existing payment management operations.
Alipay expect utilising Adyen’s solutions will cause an increase in approval rates, shorter settlement cycles and access to granular data insights in order to drive optimisation of the payment process on top of the ability to operate alternative payment methods (APMs).
The Dutch company, which processes payments for thousands of firms worldwide, benefited from a further expansion of its customer base and saw half-year revenues increased by 41% to €221.1 million.
Adyen recognised the benefits of working in cooperation with Alipay as it underlines “continuous growth” with current and new merchants over the years.
Warren Hayashi, President, Adyen, Asia-Pacific commented:“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.”
