Alipay 515Both companies will provide innovative payment solutions Chinese tourists and students will have another alternative way to pay for goods and services while in Australia, thanks to a new agreement inked on Monday by Commonwealth Bank of Australia and China’s Alipay.

Under the new memorandum of understanding (MOU), which is operated by Ant Financial Services Group, an affiliate company of the Chinese Alibaba Group Holding Ltd will collectively come up with innovative payment solutions that will allow Australian consumers pay for purchases made through Alibaba Group’s e-commerce websites including AliExpress, a platform used by Chinese merchants to sell to global consumers.

At present, Alipay is accepted by some 300 Australian tourism retailers in Sydney and Melbourne, including Sydney’s BridgeClimb, pharmacy Chemist Warehouse and JR Duty Free.  Approximately 19,000 Chinese tourists travel to Australia every week and spend almost 8,000 Australian dollars ($6074) per person.

Source:  China Daily