Thunes partners with Alipay+

Thanks to this collaboration, Thunes’ customers and merchants in Europe will now be able to accept Asia’s most popular mobile wallets:

• China’s Alipay,

• Malaysia’s Touch ’n Go and Boost,

• Philippines’ GCash,

• South Korea’s KakaoPay,

• Thailand’s Rabbit LINE Pay and TrueMoney.

Merchants that work with Thunes will be able to serve online consumers from Asian markets and accept mobile wallet payments during checkout. On top of that, consumers will also be able to use their respective mobile wallets to pay in-store purchases in Europe, using a dedicated Point-of-Sale (POS) mobile application that supports QR-code payments.

The partnership will expand the geographical coverage of the local payment methods available via Thunes: the company already offers a range of alternative payment methods (APMs) popular with customers in Europe, Latin America, Africa, and now Asia.

Thunes partnership with Alipay+ creates a global shopping experience for buyers and represents a step in making payments borderless and inclusive.

Engaging with shoppers through digital payment tools

This partnership will allow merchants to engage with shoppers through their favourite digital payment tools both online and in-store and help speed up the digitalisation and globalisation of their business operation.

One of the first Thunes customers that integrated the new payment experience is MyCompañero, a European luxury retailer selling fashion brands such as Givenchy, Versace, and Prada through a network of offline boutiques and an ecommerce website, myCompanero.com. The Thunes and Alipay+ partnership provides MyCompañero access to new markets in Asia with their preferred payment methods.

Thanks to its technology, Alipay+ offers merchants multiple benefits: it helps them serve hundreds of millions of digital-first customers, reduces costs by simplifying implementation and offering a one-stop integration option, and leverages rich marketing solutions to help reach users directly.

Thunes currently supports 79 currencies, enables payments to 130 countries, and helps to accept 300 payment methods.

Redefining cross-border payments

Global cross-border payment flows are expected to reach USD 156 trillion in 2022. Cross-border payments are currency transactions between people or businesses that are in different countries.

The increased pace of change in the cross-border payments market is closely connected to rapidly changing consumer demands. Consumers are less willing to pay for banking services while expecting them to be fast and intuitive. The increasing penetration of smartphones, and popularity of digital access points like APMs for remittances, have created new demands that incumbents are struggling to meet. Alternative solution providers that offer faster, cheaper, and more transparent cross-border payment solutions can gain a competitive advantage over banks.

As mobile phone ownership increases, more people around the world have access to banking services and e-payment solutions. The percentage of mobile phone ownership among adults in emerging economies has risen to around 83%, boosting financial inclusion – by 2017, 69% of the world’s population had a bank account and/or mobile wallet, up from 62% in 2014.

To find out more details about Thunes, check their profile in our company database.