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Payments / Partnerships / Extend the value of POS with Apps

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Verifone
Editorial Board
Executive Summary
Verifone is working closely with Alipay to extend our devices’ capabilities by accepting the Alipay app.

Making things easier for tourists from China and giving merchants another revenue opportunity.

More than 10% of 117 million annual Chinese tourists visit Europe and North America. They spend more than $900 more on shopping than the global average.

Currently, the Alipay app has 80% of the m-commerce market share in China. It all adds up to one common-sense solution: bring Alipay to Verifone devices in North America and Europe.

As of now, the e355 is the only device in North America and Europe that has built-in software to accept Alipay; however, any device that has a barcode scanner (such as Verifone Carbon) has the capability of accepting the app. But it’s more than just about convenience and revenue. Accepting Alipay is like a global welcome sign, allowing Chinese consumers to pay with a method they’re familiar with and bridging the foreign currency gap. Furthermore, it allows merchants the ability to market to Chinese tourists while they’re still in China and while they’re abroad. Merchants can provide discounts or offers to entice tourists to shop at their stores.

“As a trusted brand in China, Alipay can leverage Verifone’s global network to provide value-added services to over 450 million consumers when they travel outside of China,” says Douglas Feagin, SVP of Ant Financial Services Group and Head of Alipay International.

Retailers will have the ability to increase brand awareness and eliminate payment friction
Albert Liu EVP, Corporate Development, Verifone

A QR code presented on the customer’s phone is scanned by the Verifone device, which then sends the information to the Alipay Network Cloud where it is authorized for payment. It’s a similar experience to many other smartphone-based payment apps.

The Alipay app also helps users locate merchants who accept Alipay, creating an additional incentive for adopters. Merchants can participate in Alipay-specific campaigns and offers, as well as advertise within the Alipay app.

“With the Verifone-Alipay solution, retailers will have the ability to increase brand awareness, drive store foot traffic, and eliminate payment friction for Chinese travelers. Plus, Chinese travelers bring unique revenue and incremental sales potential to retailers, as they collectively spent more than $200 billion in 2015 while traveling abroad.” said Albert Liu, EVP, Corporate Development at Verifone

With Alipay now accepted in over 200 countries, supporting 15 different currencies, and used by over 450 million people, Verifone’s partnership with China’s leading payment solution provider is yet another exciting step toward frictionless global commerce.