Wirecard to process Alipay payments for Chinese tourists in Europe

Wirecard to process Alipay payments for Chinese tourists in Europe

FRANKFURT (Reuters) – Alipay, a unit of Chinese e-commerce giant Alibaba & German banking software company Wirecard AG, said on Friday the companies have agreed to a deal to provide mobile phone payment services for Chinese tourists visiting Europe.

In Europe, the payments process will be run through Wirecard & run on existing payment terminals with no software upgrades necessary, the companies said in a joint statement.

Customers paying for goods with Alipay show their phone to a retail clerk who scans a barcode symbol with a checkout scanner.

Alipay counts more than 400 million active users of its payment systems in China, representing an estimated 80 percent of the mobile payments market & 50 percent of the online market in the world's second-largest economy.

Its electronic wallet system is widely used in both retail shops & for online transactions.

(Reporting by Eric Auchard; Editing by James Regan)

Source: “Reuters”