AliPay – the online payment platform of China-based e-commerce company Alibaba Group – is soon officially launching in Canada through a partnership with the Canada-based tech firm Snap Pay Inc. Coming this week, the retailers in Canada will be able to accept Chinese currency from Chinese shoppers.
Alibaba partners with Snap Pay Inc. to let Canadian retailers accept Chinese currency
Souheil Badran, the president of AliPay North America, says that the company wants to provide Canadian merchants the opportunity to access the Chinese market. According to him, more than 450 Canadian merchants have already accepted AliPay in an unofficial capacity.
However, the partnership with the Canadian tech firm Snap Pay Inc. is giving the China-based payment platform an opportunity to explore opportunities aggressively for expansion in the retail, winery, education, and restaurant.
The shopping giant has touted about the influencing role that China-based consumers could play for Canadian businesses, given the increasing middle class of the country. AliExpress, another Alibaba service, is more targeted at trade in the opposite direction that allows foreigners who wish to buy Chinese goods directly. The service may boost in-person business as well in addition to making it easier for merchants who accept AliPay to sell goods to the China-based market as Canada is becoming a major tourism destination for Chinese travelers.
We want to offer Canadian merchants the opportunity to access the Chinese market: AliPay President
Badran said, “We want to continue offering Chinese consumers visiting Canada the ability to pay as they would in China.” He added, “But we also want to offer Canadian merchants the opportunity to access the Chinese market.” Jack Ma, the founder of Alibaba, was at the event to motivate the Canada-based small businesses to think big. He said “If you are not globalized, you will never be able to survive. Think globally.” In 1999, the shopping giant was released and AliPay came in 2004, only a few years later.
The service had grown enough within the ten years to outshine PayPal as the largest online payment platform in the world. The service has more than 450 million active users currently.
Already several hundred Canada-based merchants, including Canada Goose, Arcteryx, Lululemon, Aldo, Viva Naturals, and SunRype, accept the online platform in an unofficial capacity, however, the announcement made recently should expand that presence.