March 15, 2019
Barclaycard, the processor of nearly half of all credit and debit card transactions in the U.K., has entered an agreement with China's Alipay that will allow retailers to accept Alipay mobile transactions in stores across the U.K.
According to a press release, the agreement follows a successful two-year pilot by the companies. By accepting Alipay, retailers will be able to capitalize on the growing preference of Chinese tourists to use mobile payments over cash while abroad.
The U.K. will host an expected 483,000 visitors from China in 2019, up 43 percent over 2017. Their spending is likely to top 1 billion pounds this year, up 50 percent from 2017, the release said.
According to a 2018 survey conducted by Nielsen, the vast majority (93 percent) of Chinese tourists said they would likely spend more in a store that accepted mobile payments.
The new agreement will enable U.K. retailers to accept in-store Alipay payments without replacing their existing point-of-sale system. Barclaycard said it is already in discussions with around 70 clients interested in becoming early adopters.
"Our new agreement with Alipay gives retailers a vital tool to help them seize the revenue opportunity posed by the growth of Chinese visitors to the U.K.," said Rob Cameron, CEO and global head of payment acceptance at Barclaycard. "At the same time, Alipay users will benefit from a more convenient and familiar in-store payments process, enhancing their overall shopping experience."
Topics: Card Brands, Mobile Apps, Mobile Payments, Region: EMEA, Retail
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