SnapPay, Inc., a leading provider of secure, cross-border payment solutions, and Alipay, the world’s leading digital payment platform, operated by Ant Financial Services Group, today announced a collaboration that will see Canadian-Chinese Grocery Chain, FoodyMart, accept Alipay’s digital payment platform, enabling consumers to pay in Chinese currency, at all locations, including their newly re-designed, “Alipay Experience“ store in Richmond, BC that provides Chinese consumers with a dedicated check-out experience. The grocery store brand originates from the Greater Toronto Area and most recently expanded to the Vancouver area, adding to their original 7 Ontario locations.
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FoodyMart's Alipay Experience store outside Vancouver, Canada. FinTech SnapPay, works with payment giant Alipay, to offer North American merchants, access to millions of Chinese travelling consumers. (Photo: Business Wire)
SnapPay is a payment gateway that allows North American merchants to accept digital payments from Chinese consumers using popular Chinese payment applications. By offering Alipay acceptance, the global leading payment platform, and preferred application of millions of Chinese visitors and immigrants to North America each year, Alipay and SnapPay provide the system that opens the door to a lucrative, new customer segment.
“Our platform provides Canadian and U.S. Retailers with an extensive new revenue channel,” said SnapPay Chief Growth Officer, Chris Renton. “North American retailers gain access to billions of untapped potential revenue by simply offering their customers the option to pay with the mobile apps and currency that they’re familiar with.”
The SnapPay-Alipay platform enables consumers to pay in Chinese currency, with a simple QR scan from their mobile app, while merchants get paid in Canadian or U.S. Dollars. The SnapPay solution benefits both retailers and consumers, by providing favorable merchant fees and simplifying transactions for Chinese consumers while lowering their cost of purchase.
The SnapPay partnership for merchants also provides the merchants opportunities to direct market to a potential untapped Chinese consumer base, and informs them that they can utilize these payment options in their stores.
“Since deploying SnapPay last year, we’re seeing triple digit growth in our sales,” said the President of FoodyMart, Yiwei Cheng. “Integration with our POS was a fast, easy process. In addition, the solution enables us to directly market to our customers through their mobile apps, which provides us with a brand-new channel to drive sales and customer loyalty.”
Operated by Ant Financial Services Group, Alipay is the world’s leading payment and lifestyle platform. Launched in 2004, Alipay currently serves over 1 billion users with its local e-wallets partners and works with over 200 domestic financial institution partners. Over the years, Alipay has evolved from a digital wallet to a lifestyle enabler. Users can hail a taxi, book a hotel, buy movie tickets, pay utility bills, make appointments with doctors, or purchase wealth management products directly from within the app. In addition to online payments, Alipay is expanding to in-store offline payments both inside and outside of China. Alipay’s in-store payment service covers over 50 countries and regions across the world, and tax reimbursement via Alipay is supported in 35 countries and regions. Alipay works with over 250 overseas financial institutions and payment solution providers to enable cross-border payments for Chinese travelling overseas and overseas customers who purchase products from Chinese e-commerce sites. Alipay currently supports 27 currencies.
Founded in 2001, FoodyMart has become a major supermarket chain in Toronto, one of the most successful Chinese enterprises that is headquartered in the most prosperous, most economically-developed city in Canada. With ten different departments and tens of thousands of varieties of merchandise, combined with its organized, easy-to-find displays and shelves in various sections and aisles throughout the store, FoodyMart offers a convenient one-stop shopping experience sure to satisfy consumers' every need. For more information, visit www.foodymart.com.
Founded outside Toronto, Canada in 2017, SnapPay provides a payment gateway that allows North American merchants to accept digital payments from Chinese Alipay and WeChat Pay users. SnapPay provides comprehensive direct to consumer marketing channels for its clients, and is committed to establishing a reliable platform to connect Canadian and American merchants with the large buying power of consumers. SnapPay enables merchants and brands, of all sizes, tap into the Chinese consumer market in the sectors of Tourism, Education, Food & Restaurants and Retail throughout North America.
Copyright Business Wire 2019