Commonwealth Bank of Australia has signed a partnership with Shanghai-based Alipay, in a move that will see Chinese tourists in Australia able to make purchases using the world’s largest mobile payment platform.
The major Australian bank has said that local business customers will be able to add Alipay to the bank’s Albert payment terminals, with the roll out expected to be completed within the coming months.
The strategic move will allow Australian businesses to better service Chinese tourists by accepting transactions from what has become a $10.9 Billion dollar market. CBA has said that there are currently 94,000 wireless devices operating across Australia, primarily in the major tourism capital cities Sydney and Melbourne.
Clive Van Horen, CBA business customer solutions boss, said ‘This is a game changer and we are thrilled to be the first major bank to provide Alipay as a payment option for customers.’
Van Horen went on to say “We are constantly working on payment solutions that offer flexibility and choice for our customers, and this is another example of CBA’s leadership in the delivery of technology-enabled business solutions.”
Alipay is said to have more than 520 million users worldwide and is the largest online mobile payment platform, having overtaken nearest rival PayPal in 2013.
Commonwealth Bank of Australia also released a statement saying that from January 2019, support for Apple Pay will be introduced to payment terminals. A platform similar to Alipay which enjoys more than 250 million global users.
In the previous financial year Australia welcomed 1.4 million Chinese tourists, with an additional 166,000 Chinese Nationals currently studying in the country.