Alipay Signs Agreement with Powerful Swiss Payment Operator

by swisscham in BUSINESS NEWS

Alipay, the world’s most-used electronic payment application has reached an agreement with a strong local partner, a pact that is poised to challenge the dominant position of the Swiss payment solution Ð Twint. The Swiss stock exchange operator and payment services company, has found a big partner: SIX Payment Services and Alipay have reached an agreement for the acceptance of POS and E-Commerce payments across Europe, SIX said in a statement today. Under the terms of the agreement, AlipayÕs payment service will be integrated into the payment application of SIX to enable merchant clients of SIX to accept Alipay payments from Alipay users. Alipay is a product of the Ant Financial Services Group, which is based in China and has already signed up 450 million users for its solution. Ant Financial is the financial unit of Alibaba online retailer co-founded by billionaire Jack Ma Ð the equivalent of Amazon for China. Alipay has handled transactions totaling CHF 860 billion for its customers Ð three times the volume of Paypal.

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