UK retailers will now be able to accept Alipay payments without replacing their existing systems thanks to a new partnership with Barclaycard.
In an effort to boost the increasingly lucrative Chinese tourism market in the UK, Barclaycard and Alipay have signed an agreement paving the way for Alipay to be enabled across the country’s retail industry.
Barclaycard, which processes around half of all credit and debit card transactions in the UK, will now enable retailers who use its platform to update their systems in order to accept Alipay, using scanners to read a QR code Alipay generates when a sale is made.
The payment provider is reportedly in talks with around 70 major retailers interested in adopting Alipay.
Alipay has nearly one billion users across the world, and boasts around 100 million daily transactions, recently overtaking Paypal.
This will enable the UK’s retail industry to cash in on the Chinese tourism market, which accounted for nearly £7 billion in total expenditure in 2017, equating to an average spend of just over £2000 per visit.
“Thanks to the significant investments we’ve made in our platform, our clients have access to a growing range of payment types, each of which can help them increase market share by meeting the needs of new customers,” Barclaycard’s head of payment acceptance Rob Cameron said.
“Our new agreement with Alipay gives retailers a vital tool to help them seize the revenue opportunity posed by the growth of Chinese visitors to the UK. At the same time, Alipay users will benefit from a more convenient and familiar in-store payments process – enhancing their overall shopping experience.”
Alipay’s head of EMEA Roland Palmer added: “Alipay is excited to announce that it will be working with Barclaycard to provide visitors from China with the mobile payment experience that they are already familiar with.
“Through this strategic partnership, Alipay will now be able to offer many more UK merchants the opportunity to connect and engage with a growing number of Chinese visitors. This is another step forwards in our vision to offer Chinese tourists a seamless travel and payment experience when travelling overseas.”