National Australia Bank has become the first Australian bank to support the Alibaba Group-backed Alipay mobile payment platform.
A small group of NAB merchant customers participated in the pilot-testing before making the payment system available to all merchants through existing point-of-sale terminals in early 2019.
“By making China’s number one payment method available to NAB business customers, we’re enabling greater customer service and providing our business customers with access to this large tourism sector which is a win-win for everyone,” NAB executive general manager of deposit and transaction services, Shane Conway said.
Furthermore, this means starting next year, Aussie businesses with a NAB merchant terminal can offer Chinese tourists Alipay, their preferred QR code payment method, in-store, and unlock an opportunity to promote their businesses on Alipay’s marketing platform which has 870 million active users.
China has been Australia’s largest tourism market accounting for 81% of the growth in tourism spend in Australia in the last 12 months. Now with Alipay, tens of thousands of merchants has the opportunity to reduce friction at the point of sale for Chinese visitors, residents and students, thus increase on revenue.
This deal will give NAB a significant advantage among business owners wanting to capitalise on the China opportunity. Enabling seamless payments with Alipay will impact commercial opportunity for Australian businesses not just on China but globally as well.
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