Alipay+, a renowned provider of cross-border digital payment and marketing solutions, has formed a significant partnership with Yapily, a leader in the European open banking platform.
This collaboration is aimed at exploring the application of open banking in various mobile payment platforms, striving to enhance global connectivity between consumers and merchants.
The partnership marks an important milestone in the expansion of Alipay+’s global partnership program. It aims to provide a more convenient and secure payment option for millions of European consumers, adding to the 1.4 billion consumer accounts already linked by Alipay+ across Asia.
Enabled by Yapily’s innovative open banking infrastructure, European bank customers will have the ability to execute cross-border payments to Alipay+ merchants worldwide directly from their bank accounts. This integration promises a seamless payment experience with enhanced security features.
This venture will streamline Alipay+’s payment processes and increase merchant trust. Utilising Yapily’s open banking payment infrastructure, the two companies will develop new solutions to augment transaction value for merchants by engaging customers throughout their buying journey. This includes linking them to promotions and other value-added services.
For merchants, Yapily’s open banking payment structure offers scalability and resilience, ensuring service excellence for consumers. It also provides the agility needed for continuous innovation in global payment and retail sectors.
Stefano Vaccino, Yapily CEO and Founder, said, “Open banking presents a significant opportunity to improve the experience for both merchants and consumers when receiving and making cross-border payments. In recognising this potential and launching such new payment solutions, Alipay+ will act as a catalyst for mass adoption of open banking in Europe. We are delighted to be providing the infrastructure that is enabling Alipay+ to realise the potential of open banking and its mission to make it easy to do business anywhere.”
Pietro Candela, Alipay+’s Head of Development in Europe, said, “Europe is on the front lines of open banking. The region’s unique regulatory framework fosters innovation within its banking ecosystem and gives Account-to-Account, instant and mobile app payments room to grow through open banking solutions. As such, we are enthusiastic to begin our collaboration with Yapily, and to develop new payment solutions that bring heightened value and convenience to European consumers and global merchants.”
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