Payment provider Smartpay hopes to tap into the burgeoning Chinese tourist market, signing a deal with Chinese giant Alipay that sent the ASX-listed firm’s shares soaring as much as 64 per cent.
Smartpay said the deal with Alipay, which has 520 million active users in China, gives 25,000 merchants access to an estimated $11 billion in Chinese tourist spending across Australia and New Zealand.
Smartpay will take a slice of each Alipay transaction on its eftpos terminals, with a trial set to launch in NZ next month.
On Tuesday, Smartpay shares rocketed as to 23 cents, their highest since November, before ending the day 5.5 cents, or 39 per cent, stronger at 19.5 cents.
Alipay country manager George Lawson said Smartpay was an early adopter of Alipay in Australia and New Zealand.
“Alipay is not only a payment capability used by tourists but also by thousands of Chinese students and migrants,” Mr Lawson said.
“These are very lucrative markets that are rapidly expanding.”