Barclaycard, which processes nearly half of the UK’s credit and debit card transactions, announced on Thursday it has formed a new partnership with Alipay, a global payment and lifestyle platform, to allow retailers to accept Alipay transactions in stores across the UK.
Barclaycard reported that by accepting Alipay, retailers will be able to capitalize on the growing appetite of Chinese tourists to use mobile payments over cash while abroad. It was revealed:
“According to a 2018 survey conducted by Nielsen, the vast majority (93 percent) of Chinese tourists said they would likely spend more in a store that accepted mobile payments. In addition, among the merchants surveyed that had adopted Alipay, nearly 60 percent said that they had clearly seen growth in both foot traffic and revenue.”
It was also reported that the partnership will enable UK retailers to accept in-store Alipay payments without replacing their existing point-of-sale system, allowing them to take advantage of the boom in Chinese tourism without disrupting their existing customer experience. Speaking about the partnership, Rob Cameron, CEO, Global Head of Payment Acceptance at Barclaycard, stated:
“Thanks to the significant investments we’ve made in our platform, our clients have access to a growing range of payment types, each of which can help them increase market share by meeting the needs of new customers. Our new agreement with Alipay gives retailers a vital tool to help them seize the revenue opportunity posed by the growth of Chinese visitors to the UK. At the same time, Alipay users will benefit from a more convenient and familiar in-store payments process – enhancing their overall shopping experience.”
Roland Palmer, Head of Europe, Middle East, and Africa at Alipay, added:
“Alipay is excited to announce that it will be working with Barclaycard to provide visitors from China with the mobile payment experience that they are already familiar with. Through this strategic partnership, Alipay will now be able to offer many more UK merchants the opportunity to connect and engage with a growing number of Chinese visitors. This is another step forwards in our vision to offer Chinese tourists a seamless travel and payment experience when travelling overseas.”