Alipay, the Chinese third-party digital payment solution, has announced two separate agreements with Poynt and North American (NAB), respectively. These partnerships are primarily targeted at expanding presence in the US and capturing a share of Chinese tourists in the country.
Alipay is a third-party online payment solution established by Alibaba Group in February 2004. With a 68% share in China’s mobile payment market, Alipay became the largest mobile payment platform in 2013 by overtaking PayPal.
The deal between Alipay and Poynt will now allow Alipay’s 520 million users to make payments in North American using Poynt devices; offering a seamless payment experience to Chinese travellers.
Poynt is an online-payment solution formed by Osama Bedier in 2013. He is also the founder of Google Wallet and a former executive of PayPal. Poynt was created with a view to create a revolution in the realm of payment experience for merchants.
Alipay’s deal with North American Bancard (NAB) will allow Alipay to be integrated on NAB’s Electronic Payment Exchange. This includes Alipay’s inclusion in NAB’s gateways, mobile payment solutions and terminals. NAB currently supports 120,000 merchants in North America.
North American Bancard is a credit card processing company based in Michigan, United States. The company was founded in 1992 and offers solutions for EBT, debit and credit. In 2011, the company launched its own mobile payment solution known by the name PayAnywhere.
According to PayNxt360, the US mobile payment market is expected to record a CAGR of 39.8% from 2017-2021 to reach US$ 9,41,309 million in transaction value terms by 2021, increasing from US$ 2,46,138 million in 2017. In 2016, the market registered a growth rate of 63.8% over 2015, to reach US$ 1,56,047 million.
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