July 18, 2017
RiverPay offers Alipay and WeChat Pay to connect North American merchants with Chinese travelers
TORONTO -- RiverPay Inc. has introduced payment solutions that connect China's leading mobile payment providers Alipay and WeChat Pay to North American merchants. This development is a significant win for merchants, who will now easily be able to accept payment from a large and quickly growing tourism market that embraces Alipay and WeChat Pay in their buying transactions.
Tens of millions of Chinese travelers are projected to come to North America in the next five years and will spend tens of billions of dollars with merchants. According to current usage data and projections, their payment methods of choice will be Alipay and WeChat Pay, which users access from mobile apps. Together, these services account for nearly 90 per cent of all China's mobile payment transaction volume. RiverPay, an authorized payment services provider for the apps, allows merchants to accommodate transactions that would otherwise be complicated for consumers or not occur at all.
"We are thrilled to partner with Alipay and WeChat Pay and bring the power of China's mobile payment services to North America," says Jason Luo, head of partnerships at RiverPay. "Merchants now have a simple solution available that a large market segment trusts and uses daily for acquiring goods and services."
RiverPay offers both technology solutions and settlement services to allow Chinese consumers to pay in RMB and merchants to receive USD and CAD. RiverPay offers multiple standalone point-of-sale (POS) devices for merchants to use right away, as well as integration services to enable Alipay and WeChat Pay directly in merchants' existing cashier systems. Transaction reports are available in real time.
Since RiverPay began offering this solution less than a year ago, a long list of merchants in industries such as retail, hotel, tourism, and automobile dealerships have eagerly jumped at the opportunity. Some brands already on board include luxury retail chains Holt Renfrew and Harry Rosen, individual retail stores for Calvin Klein, Givenchy, Bottega Veneta, Dolce & Gabbana, De Beers, and many others. Other merchants include Porsche, Audi, Lexus, UPS, as well as hundreds of restaurants and independent retailers.
"Merchants recognize that giving all consumers an all-around enjoyable experience—including an easy payment transaction—is critical," Luo says. "If they can do that, the consumers will tell others and keep coming back."