Maximize global reach with Alipay+: key strategies for merchants
On January 10, 2024, the 2024 Cross-border Digital Financial Industry Compliance and Symbiosis Conference took place in Shenzhen. This event brought together leading payment experts from different parts of the world to discuss and share their experiences in global payments.
In this article, we will talk about the development of Alipay+, utilize Alipay+ for global payment diversity and efficiency, as well as how to seize the opportunities.
The development and innovation with Alipay+
According to the latest information from Ant Group, Alipay+ has appeared as a groundbreaking solution for cross-border payments and marketing, now serving over 2.5 million merchants globally. This platform offers merchants a simple "one-click access" to over 15 different digital payment methods, connecting them to a vast network of one billion consumers.
Remarkably, in just a span of six months, the number of international merchants using Alipay+ has jumped by 150%. This expansion covers a wide range of sectors including e-commerce, digital entertainment, food services, travel, duty-free shopping, convenience stores, malls, transportation, and more. Breaking it down by industry, Alipay+ is integrated with over 1,000 online platforms, major international airports, about 90,000 convenience stores, 360,000 restaurants, nearly 200,000 taxis, and numerous renowned hotel brands, department stores, and duty-free shops in Asia and Europe.
Since its launch at the Bund Conference in 2020, Ant Group's Alipay+ has become a pioneering solution for cross-border digital payments and marketing, connecting with over 20 overseas e-wallets. This platform enables global merchants to easily reach and interact with consumers worldwide, unlocking greater potential for digital consumption. Additionally, Asian consumers can conveniently use their preferred e-wallets on their mobile phones to make payments through Alipay+ wherever they are, enjoying the benefits of convenience and discounts.
Utilize Alipay+ for global payment diversity and efficiency
Embrace digital payment diversity
Alipay+’s “one-click access” to more than 15 different digital payment methods demonstrates the importance of providing diverse payment options to meet different customer preferences. European and US merchants should consider integrating multiple digital payment methods to accommodate their global customer base. This diversity of payment methods not only meet the needs of different markets, but also reflect respect and adaptation to consumer habits.
Cross-border payment efficiency
Alipay+’s success in facilitating cross-border transactions demonstrates the growing demand for efficient and seamless international payment solutions. Merchants should prioritise payment solutions that simplify cross-border transactions and reduce barriers for customers in different countries. Efficient cross-border payments not only increase transaction speed, but also reduce the complexity and cost for companies to expand into international markets.
Consumer Convenience and Discounts
Alipay+ is popular among Asian consumers, who can pay using their favorite mobile e-wallets, highlighting the importance of consumer convenience. Providing easy-to-use payment solutions, possibly with added benefits such as discounts, can enhance customer experience and loyalty. By offering convenience and deals, merchants can attract more loyal customers and gain a place in a competitive market.
Cooperating with e-wallets
Alipay+’s cooperation with more than 20 overseas e-wallets highlights the potential benefits of partnering with e-wallet providers. Merchants should explore partnerships with popular e-wallet platforms to expand their reach and accessibility. Cooperation with e-wallets not only expands the coverage of the payment platform, but also provides users with richer and more flexible payment options.
How European and American merchants seize opportunities in the digital payment
Expand Market Reach
The adoption of Alipay+ and similar payment platforms like WeChat Pay and UnionPay Yunshanfu opens doors to new markets, particularly in Asia where digital payments are prevalent. By offering these payment options, merchants can attract a broader audience who prefer these methods, thereby expanding their market reach and brand recognition, especially for Chinese customers.
Adapt to customer preferences
Understanding and adapting to local payment preferences is crucial. For instance, while credit cards are popular in the West, e-wallets and mobile payments are more dominant in Asia. Merchants should offer a variety of payment methods to adapt to these regional differences, attracting Aisa customers by offering their familiar payment platforms.
Enhance customer experience
The payment system uses advanced technologies such as QR codes and mobile wallets to provide a fast and convenient payment experience. European and American merchants can improve customer satisfaction by accepting e-wallet payments, thereby creating a more efficient and user-friendly shopping environment. Then achieve the goal of attracting global consumers and continuously optimize its e-commerce payment system.
Conclusion
The integration of Alipay+ and similar digital payment platforms offers a significant opportunity for European and American merchants to expand their global reach and adapt to evolving consumer preferences. By embracing diverse payment methods, focusing on cross-border payment efficiency, and enhancing the overall customer experience with convenient and attractive options, merchants can effectively cater to a wider audience, especially in the Asian market. This strategic adaptation not only meets current market demands but also positions businesses for future growth in the rapidly evolving digital payment landscape.
Source
https://www.mpaypass.com.cn/news/202401/04121146.html
https://m.mpaypass.com.cn/news/202211/03171212.html
Image by Racool_studio</a> on Freepik
About the author: Silkpay
Based in Paris, Silkpay provides omnichannel and secure payment solutions to help physical stores and e-commerce in Europe accept more than 30 of the world's most popular payment methods: Visa, Mastercard, CB, UnionPay, Alipay+, WeChat Pay as well as Asia-Pacific’s major e-wallets.
Silkpay is a winner of the LVMH Innovation Award. The company was also selected as a finalist for the "Money 20/20" Best Startup and in the "MPE Berlin” Startup Awards. Silkpay also won the "Best Fintech" awards from Capgemini and BPCE.
Silkpay helps merchants deliver the smoothest payment experience to their customers. We are a talented and international team driven by a single goal: to improve the customer experience and make payments simple and secure.