Stripe and UnionPay International Partner to Widen Access to Chinese Consumer Market

Stripe, a California-based payment service provider, announced today the partnership with China’s UnionPay International, one of the world’s largest payment networks, to widen access to the Chinese consumer market for global businesses.

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As detailed in the tech firm’s announcement, the collaboration will enable businesses in more than 30 markets, including Australia, Singapore, Hong Kong SAR, Canada, the United States, the United Kingdom, as well as across the European Union, to:

• securely and seamlessly accept payments from billions of UnionPay cardholders globally

• offer localized and flexible checkout experiences for consumers by easily facilitating transactions in Chinese Yuan and multiple global currencies

• automate processes to manage refunds and customer disputes

• ​easily manage payments, reporting, and payouts across all of Stripe’s products via a single powerful interface: the Stripe dashboard

Besides, the partnership with UnionPay International complements Stripe’s existing Alipay and WeChat Pay integrations, making the company the best solution for large enterprises and small businesses to sell to Chinese consumers. Now, its users are able to access over 1 billion Chinese consumers in and outside mainland China within a few minutes and through a single integration.

“On average, Stripe users double their revenue from Chinese consumers by introducing payment methods such as UnionPay, Alipay or WeChat Pay. We’re hoping to accelerate cross-border trade with China by providing an opportunity for large enterprises and small businesses alike to tap into the world’s largest e-commerce market," said Noah Pepper, Stripe’s Asia Pacific Business Lead.