Chinese shoppers will have more mobile payment options when shopping in the U.S. First Data and Alipay have launched a partnership, bringing Alipay to select U.S. merchants through First Data’s Clover Mini point-of-sale solution.
The news of the partnership was announced at Money20/20, and the initiative debuts in November.
According to experts, Chinese tourists are projected to spend roughly $40 billion in 2017, and the popular Alipay — with its 450 million users — is one of the main ways these consumers pay. About 2 million Chinese tourists visit the U.S. ever year, and shopping is the top activity, spending anywhere between $500 and $3,500 per trip.
First Data’s Clover Mini will facilitate transactions, allowing tourists to reduce the need to carry cash or involve foreign exchange fees. The Clover Mini was introduced in 2015 and enables merchants to accept most payment types, including swipe, PIN debit, EMV (chip-and-PIN, chip-and-signature) and NFC transactions. It processes EMV transactions in as little as 2.93 seconds.
First Data currently serves more than 4 million merchant locations, especially U.S. luxury and specialty retailers. In-store signage will identify which retailers accept Alipay, while the Alipay app will show which retailers are on the platform and if discounts or promotions are available.
Source: http://www.pymnts.com – Payments
First Data And Alipay Announce Partnership At Money20/20