Shopify has partnered with Alipay for a program that will let Shopify retailers seamlessly accept payments through Alipay from more than 1 billion active users in China — with plans to add hundreds of million more users across Asia. The new dedicated Alipay payment gateway seeks to reduce friction and create opportunities for retailers seeking to tap the Chinese market.
The 11.11 Global Festival, or Singles Day, is of particular interest — the U.S. was the top country selling into China during the 2020 event, generating $5.4 billion in Gross Merchandise Volume (GMV) out of a total $74.1 billion in GMV across the entire holiday. American retailers are playing a bigger role every year, with top sellers growing 200% to 300% annually, according to Andy Halliwell, Senior Director of Retail at Publicis Sapient in an interview with Retail TouchPoints.
The Alipay payment gateway for China is already available to Shopify merchants in the U.S., with more markets to come in the future including Hong Kong, India, South Korea, Indonesia, the Philippines, Malaysia, Thailand, Pakistan and Bangladesh.
“Reaching consumers across Asia is an enormous growth opportunity for our merchants, and Alipay has brought inclusive financial services to more than one billion people in China,” said Kaz Nejatian, VP, Product, Merchant Services at Shopify in a statement. “Through today’s partnership, we’ll help our merchants provide the best possible shopping experiences for this new audience of cross-border consumers.”