Smartpay secures fintech connection with Alipay

Dual-listed payments facilitator Smartpay (ASX: SMP) has signed a cornerstone agreement with Alipay, China’s largest payments provider with around 520 million active users and clearing around $1.7 trillion per year in transactions.

The deal brings together the largest online payments provider in China and the largest independently-owned EFTPOS provider in Australia — a deal that could serve as a watershed moment, opening the door for other similar agreements amongst smaller players in the near future.

The deal also means that Australian consumers will obtain a far wider range of payment and money transfer options than before.

Smartpay said that “harnessing this reach will both boost the merchant’s revenues and benefit Smartpay’s revenues.”

News of the fintech agreement with Alipay sent Smartpay shares into frenzied buying and up to a high of $0.22 per share — around 50% higher on the day before falling back by mid-afternoon.

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Source: Smartpay secures fintech connection with Alipay – Small Caps