BPS Financial Limited Inks Deal with Alipay

KEY TAKEAWAYS:

• BPS has a reach of around 2 million consumers worldwide. It hopes to combine this influence with Alipay’s popularity to get a large slice of the Chinese market.
• Chinese consumers prefer to use their phones instead of cards for payment transactions, making the agreement between BPS and Alipay a winning deal for the consumers of both companies.

BPS Financial Limited, a subsidiary of BPS Technology Limited, is eyeing a significant share in the $9 billion inbound tourist market in China after it signed a landmark agreement with Alipay.

BPS provides transactional platforms that presently serves 36,000 merchants with around 600,000 customers. Through its operating subsidiaries like bucqi, Entertainment and Bartercard, the company has a reach of around two million consumers.

Alipay, which is a subsidiary of Chinese eCommerce firm Alibaba, is a third-party platform specialising in mobile and online payment. It is the most popular payment method for the Chinese market.

Alipay, a subsidiary of Chinese eCommerce giant Alibaba, is a popular payment method in China and for Chinese tourists abroad with a 54 percent share of China’s US$5.5 trillion mobile payment market.

“For our existing and future merchants Alipay offers the potential to capture the business that walks past their doors every day, simply because Chinese tourists in Australia have no easy way of engaging with local retailers,” BPS Technology Chief Executive Trevor Dietz said. He said the deal between Alipay and BPS presented an opportunity for their customers to get a hold of the Chinese tourist market.

BPS Technology Corporate Adviser Dave Garnier said mobile payment is common in China since their preferred payment method is through their phone. Thus, he said, the deal will make BPS the largest provider of the Alipay platform in Australia.

BPS will roll out the mobile phone payment platform initially with its merchants in the Gold Coast area and then to merchants in Sydney and Melbourne this year. Once the platform is fully rolled out, it will allow Chinese tourists to make payment transactions for accommodation, food, services and other products.

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