Fintech Novatti launches a China payments platform, its shares soar

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  • ASX-listed Novatti launches its chinapayments.com platform, the first in Australia to allow consumers to pay BPAY bills using the China-based e-wallet Alipay.
  • The platform provides Chinese residents in Australia with a solution for bill payments, using one of China’s leading payment methods.
  • Novatti will earn a fee on a per-transaction basis.

ASX-listed fintech Novatti launched a new way for Chinese residents in Australia to pay local bills using their China-based e-wallets.

The financial transactions processor and financial technology developer announced a platform, chinapayments.com, which enables bill payment via Australia’s BPAY system using funds from Alipay, an e-wallet provider in China.

A short time ago, Novatti shares were up 48% to $0.305.

Many Chinese don’t have Visa or MasterCard credit and debit cards and are used to paying bills via e-wallets.

Novatti will get fees for each bill transaction processed via the platform.

The company is currently working on adding WeChat Pay and China UnionPay payments.

“As a company at the forefront of innovation for new payments solutions for the global market we are delighted to announce the launch of the platform, another plank in our strategy to support the booming China Australia market,” says Peter Cook, CEO Novatti Group.

Australia has more than 500,000 China-born residents. In March 2017, 30% of the 480,092 international students enrolled in Australia were from China.

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