The Commonwealth Bank has signed a deal with Alipay which will make it easier for Chinese tourists to spend here and for Australians who want to do business with China’s giant ecommerce platform Alibaba.
The agreement is with Ant Financial Services Group, the Alibaba affiliate said to be China’s most valuable financial technology company, which runs AliExpress, a platform for Chinese merchants to sell to global consumers.
The Commonwealth and Alipay will also work together on a simple payment solution to allow Chinese tourists and Chinese students to use Alipay in‐store payments at Australian retailers.
“We are thrilled to be the first Australian bank to collaborate with Alipay,” says Kelly Bayer Rosmarin, group executive, institutional banking and markets, Commonwealth Bank.
Last year, China overtook the US as the world’s largest market in mobile payments with a transaction volume of $US235 billion.
About 19,000 Chinese tourists visit Australia every week and spend almost $8,000 each.
“Australia is a popular destination for Chinese travellers and Chinese students studying overseas,” says Douglas Feagin, a senior vice president of Ant Financial Services Group and head of Alipay International.
“We want Alipay users to enjoy the kind of convenience they are used to at home.”