To accommodate the nearly 100 million Chinese consumers who annually travel abroad and use Alipay to make purchases, Verifone (NYSE: PAY), a world leader in payment and commerce solutions, is partnering with Alipay, a financial services and lifestyle app of Ant Financial Services Group, to enable retailers in North America and Europe.
Using a mobile point-of-sale (mPOS) solution to accept Alipay App payments at their stores, retailers can increase brand visibility, and drive traffic and sales through Alipay’s in-app marketing tool. With the Verifone e355 mPOS solution, retailers will be able to accept Alipay anywhere in the store and implement marketing campaigns targeting Chinese consumers who use the Alipay app. Together, Verifone and Alipay will help retailers increase foot-traffic and enhance the shopping experience for millions of Chinese tourists.
“Scale, security and speed are important to us as we look to enable our customers to walk into a store while traveling abroad and pay for purchases with the Alipay App—just like they do here in China,” said Douglas Feagin, SVP of Ant Financial Services Group and Head of Alipay International. “Verifone has each of these attributes, and as a trusted partner to global and national retailers, we benefit from Verifone’s scale to bring broader Alipay acceptance for Chinese consumers who travel abroad.”
The most widely used payment method in China with 450 million active users; Alipay holds nearly 70 percent of the country’s third-party mobile payment market share and processed more than 160 million daily transactions as of June 2016.
“By expanding Alipay acceptance across many boarders for an easy, frictionless traveling and shopping experience, Verifone is creating a future that takes the convenient cashless payment experience to the next level for Chinese consumers wherever they are,” said Albert Liu, EVP, Corporate Development, Verifone. “The potential of Verifone’s footprint of installed devices in more than 150 countries means we are connecting retailers to increasing opportunities to engage and serve global consumers from the POS.”
Verifone and Alipay will be showcasing Alipay App acceptance on the Verifone e355 at Money20/20 (Verifone booth #2414), October 23-26 in Las Vegas.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for VeriFone Systems, Inc.
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations or beliefs and on currently available competitive, financial and economic data and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the forward-looking statements herein due to changes in economic, business, competitive, technological and/or regulatory factors, and other risks and uncertainties affecting the operation of the business of VeriFone Systems, Inc., including many factors beyond our control. These risks and uncertainties include, but are not limited to, those associated with: successful rollout of our Alipay acceptance solution with retailers, execution of our strategic plan and business initiatives and whether the expected benefits of our plan and initiatives are achieved, short product cycles and rapidly changing technologies, our ability to maintain competitive leadership position with respect to our payment solution offerings, our assumptions, judgments and estimates regarding the impact on our business of the continued uncertainty in the global economic environment and financial markets, our ability to successfully integrate acquired businesses into our business and operations, our ability to protect against fraud, the status of our relationship with and condition of third parties such as our contract manufacturers, distributors and key suppliers upon whom we rely in the conduct of our business, our dependence on a limited number of customers, the conduct of our business and operations internationally, our ability to effectively hedge our exposure to foreign currency exchange rate fluctuations, and our dependence on a limited number of key employees. For a further list and description of the risks and uncertainties affecting the operations of our business, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our quarterly reports on Form 10-Q. The forward-looking statements speak only as of the date such statements are made. Verifone is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, changes in assumptions or otherwise.
Alipay is the world’s largest third-party payment platform operated by Ant Financial Services Group, with over 450 million active users. In addition to online shopping payments, money transfer, and utility bill payments, Alipay is expanding to offline payments both inside and outside of China. As of December 2015, Alipay is accepted in 70 overseas countries and regions, while tax reimbursements via Alipay are supported in 24 countries. Alipay has evolved from a digital wallet to a lifestyle enabler. Users can hail a taxi, book a hotel, buy movie tickets and even enjoy a full-scale of wealth management services directly from within the app.
Verifone is transforming everyday transactions into opportunities for connected commerce. We’re connecting payment devices to the cloud, merging the online and in-store shopping experience and creating the next generation of digital engagement between merchants and consumers. We are built on a 30-year history of uncompromised security with approximately 29 million devices and terminals deployed worldwide. Our people are known as trusted experts that work with our clients and partners, helping to solve their most complex payments challenges. We have clients and partners in more than 150 countries, including the world’s best-known retail brands, financial institutions and payment providers.
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