SINGAPORE – Payments platform Adyen is collaborating with Alipay, the world’s leading payment and lifestyle platform.
The partnership with Alipay means 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 Chinese mainland for AliExpress, Taobao, Tmall and Alibaba.com as the Alibaba Group looks to enhance and streamline existing payment management operations, Business Insider said.
“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. We look forward to continuing our growth trajectory with Adyen,” said Clara Shi, head of financial institution strategic partnership, international business group, Alipay.
The Benefits
With the collaboration in place, the organizations said 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. Adyen’s solution also offers Alibaba the ability to turn on additional payment methods quickly to build trust with local customers, Business Insider said.