Local retailers can now accept payment through Alipay, enabling them to target and connect with Chinese consumers by improving the point-of-sale experience and creating a marketing channel.
Commonwealth Bank Australia (CBA) is the first major bank to provide Alipay to customers in store, providing a significant opportunity for businesses in Australia as Alipay is the world’s largest mobile and online payment platform with around 900 million users using it to pay for goods and services globally.
The majority of Alipay users are from China, Australia’s largest tourism market. Last year, 1.4 million Chinese visited Australia, injecting $10.9 billion into the local economy. The 166,000 Chinese nationals studying in Australia represent 43 per cent of all international enrolments.
Commonwealth Bank has launched the Alipay on its Albert touchscreen device where retailers can access it by downloading the ePay app. There are 94,000 Albert devices in Australia.
Through ePay, businesses also have the ability to further boost their sales by using location-based promotional campaigns to Alipay wallet users, even before they arrive in Australia.
CBA Executive General Manager, Business Customer Solutions, Clive Van Horen, said: “This is a game changer and we are thrilled to be the first major bank to provide Alipay as a payment option for customers, through our market leading and innovative apps ecosystem, Albert App Bank.”
“We are constantly working on payment solutions that offer flexibility and choice for our customers, and this is another example of CBA’s leadership in the delivery of technology-enabled business solutions, coming on the heels of recently launched products including Simplify, Daily IQ, Wiise, and the pilot of CommBank Health Claim.”
Alipay Country Manager for Australia and New Zealand, George Lawson, said: “Australian businesses have been calling out for their banks to partner with Alipay to improve their exposure to the rapidly expanding Chinese visitor market. We are thrilled to partner with CBA to help drive Alipay acceptance in the Australian market so that Chinese customers can use a payment method that’s familiar to them.
“Banks are pivotal to Alipay’s expansion in Australia, and the fact that CBA has a growing market share in business banking customers, means we can now switch on our technology for thousands of merchants simultaneously.”