TORONTO, ONTARIO -- (Marketwired) -- 06/19/17 -- Editors note: A photo is available on the Canadian Press picture wire via Marketwired
OTT Financial, a Canadian financial services company, announced today that its payment platform, OTT Pay, has officially signed a cooperation agreement with Alipay of Ant Financial Services Group to provide Alipay services for Canadian merchants and Chinese consumers.
With this partnership, OTT Pay will enable over 450 million active Alipay users to pay for Canadian products and services in Chinese RMB, just as they are accustomed to in China. To Canadian merchants, they operate as usual, both selling and receiving payments in Canadian Dollars.
"As mobile payment acceptance continues to grow in North America, over 450 merchants across Canada are accepting Alipay now", said Souheil Badran, President of Alipay North America, "we want to continue offering Chinese consumers visiting Canada the ability to pay as they would in China. We are glad to partner with OTT Financial as they share the same belief of bringing convenience to clients by using mobile technologies".
"We are excited to be partnering with Alipay to connect Canadian merchants to Chinese consumers." said Cory Taylor, Head of OTT Pay, "Adding Alipay to OTT Pay's existing offering will enable us to provide better services to merchants and consumers. Canadian merchants will benefit through increased sales and a differentiated retail experience to Chinese consumers in this "win-win" business model. China is Canada's third-largest overseas market for tourists, and Chinese visitors contribute over $1 billion annually to Canada's economy. We expect our services to add more value to all users."
The Honourable Michael Chan, Ontario Minister of International Trade expressed his congratulations to both parties. "Our Government values its mutually beneficial relationship with our second largest trading partner, China," said Michael Chan, "Today's signing between Ontario-based OTT Financial and Alipay builds on that strong foundation by bringing Canadian retailers and Chinese visitors to Canada closer together through technology. This agreement also positions Ontario as a premier destination for Chinese tourists, and more specifically, one that boasts greater convenience and accessibility for them."
In May this year, OTT Pay officially launched in Canada via its WeChat Pay offering. Hundreds of Canadian merchants ranging from shopping centres, travel agencies, hotels, health services, supermarkets, international logistics, educational services, restaurants, and convenience stores are in the process of enrollment to OTT Pay. These merchants will be the first to enjoy the benefits that Alipay offers.
About OTT Financial
OTT Financial and its related companies have multiple lines of business in the Canadian financial services industry. OTT Financial Canada Inc. is an investment dealer registered with the securities regulators in Canada and a member of IIROC and CIPF. OTT Capital Corporation is an exempt market dealer as well as a portfolio manager and investment fund manager. OTT Financial Inc. provides foreign exchange services and OTT Pay is the payment platform that serves Canadian merchants and Chinese consumers. Since 2006, OTT has been dedicated to delivering values for its clients and creating positive impact for the communities served by the OTT group of companies.
Operated by Ant Financial Services Group, Alipay is the world's leading mobile and online payment platform. Launched in 2004, Alipay currently has over 450 million active users and over 400 financial institution partners. 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. Over 8 million brick-and-mortar merchants now accept Alipay across China. Alipay's in-store payment service is covering more than 120,000 retail stores across the world, and tax reimbursement via Alipay is supported in 24 countries and regions. Alipay works with over 200 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 19 currencies.
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