Alipay launches ePass cross-border payment service

Thursday 16 October 2014 11:48 CET | News

Alipay, a China-based online payment service provider, has revealed plans to launch a service for US retailers dubbed ePass.

Users will see an ePass payment option when they check out on a retailer’s website. Chinese shoppers pay in CNY using their Alipay account and Alipay transmits the payment to merchants in 14 currencies via 180 international financial institutions. According to the company, ePass can provide retailers with payment processing services, as well as shipping logistics and marketing services as needed.

Alipay targets English-reading young professionals in the four biggest regions of China. The move will let US retailers tap into the estimated 500 million Chinese online shoppers who spent USD 298 billion online in 2013. ePass will be available to any US retailer interested in reaching the Chinese consumer.

PayPal, which also offers cross-border payment services, estimates that by 2018 there will be 130 million cross-border shoppers spending over USD 300 billion globally.

Alipay offers payment and escrow services for transactions on Alibaba Group’s marketplaces as well as to third parties in China.

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Keywords: Alipay, ePass, cross-border payment, China, US, retailers, online payments
Categories: Payments & Commerce
Countries: World
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