Alipay and Adyen said last week they are partnering to offer extended payment services for Alipay. The agreement means Adyen will facilitate payments outside of the Chinese mainland for Alibaba’s e-comemece sites AliExpress, Taobao, Tmall and Alibaba.com. Alibaba is the largest retailer in the world.
Alipay is a third-party mobile and online payment platform operated by Ant Financial Services Group, the fintech arm of Alibaba’s ecosystem, to support payment methods for the AliExpress, Taobao, Tmall and Alibaba.com brands globally.
Officials with Alipay and Ayden said the collaboration means users will benefit from higher approval rates, shorter settlement cycles and access to granular data insights to drive optimization of the payment process. Adyen’s solution also offers Alibaba the ability to turn on additional payment methods quickly to build trust with local customers, said company officials.
“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,” said Warren Hayashi, President of Adyen, Asia-Pacific, in a statement on the agreement.