Alibaba Group Holding Ltd (BABA)’s Alipay Partnering With Merchants For Offline Payment
Alipay, a product or a unit of Alibaba Group Holding Ltd (NYSE:BABA) seems to be aligning with merchants for offline payment options.
Alibaba Group Holding Ltd (NYSE:BABA)’s payment processor has already started soliciting third-party partners with a view to assisting itself in the network of offline payment. The objective of the creating alliances was to focus on increasing the number of merchants, which can accept the payments powered through Alipay’s smartphone app of Alipay Wallet. However, the company is yet to announce a number or any partners it has aligned with.
Alipay has reportedly signed ten authorized representatives in Shanghai while figures from other cities were not available.
Prevents Partnering With Others
One of the agreements of the partnership deal was that Alibaba’s Alipay payment partners would not be entertained in striking a similar online to offline deal with others. It meant that the alliance partners would not have any deal with WeChat Pay, which is Tencent’s payment platform, and the app of WeChat mobile messaging.
The Chinese payment processing wallet allows users to complete offline payments through a barcode from their smartphones, which was scanned by the retailers to process the payment.
Despite a lot of new entrants in the payment process system, eBay Inc (NASDAQ:EBAY)’s PayPal would not likely to face pressures. It was because the market is growing, and there were tremendous opportunities to tap.
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