Novatti launches brand new payments bridge between Australian BPAY and Chinese Alipay

The international online payments landscape is rapidly evolving as yet another ASX-listed payments processor, Novatti Group (ASX: NOV) announced the launch of a bill payment service, able to bridge the gap between Australian supply and Chinese demand.

Novatti announced the launch of its new bill payment service chinapayments.com, a financial technology (fintech) platform enabling consumers to pay bills via Australia’s BPAY system, using funds from their Alipay wallet.

The race for payments dominance in Australia is truly on with several companies now vying to become the go-to brands to court Chinese customers.

Last month, Smartpay (ASX: SMP) struck a deal directly with Alipay, with the deal bringing together the largest online payments provider in China and the largest independently-owned EFTPOS provider in Australia.

Along with WeChat, AliPay is the largest e-wallet provider in China, with the duo controlling around 90% of the market.

Many Chinese do not have access to Visa or MasterCard credit and debit cards, making e-wallets an attractive alternative payment method for residents, including students and new migrants.

In China, bills can be paid both using WeChat Pay and AliPay and are utilised as the standard go-to payment method. However, these transactions are not commonly used in Australia because they fail to adhere to certain financial regulations set by Australian regulators.

With the introduction of chinapayments.com, Novatti hopes to bridge this payments gap and thereby generate a consistently recurring revenue stream as a result.

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Source: Novatti launches brand new payments bridge between Australian BPAY and Chinese Alipay