Chinese online payment platform Alipay has partnered with tech firm SnapPay Inc. to enable Canadian retailers to accept Chinese currency from Chinese shoppers through a mobile wallet.
Alipay North America president Souheil Badran says the company wants to offer Canadian merchants the opportunity to access the Chinese market.
He says 700 Canadian merchants already accept Alipay.
READ MORE: Trudeau urges Canadian business owners to seek fortune in China
But the partnership gives the payment platform an opportunity to aggressively explore opportunities for expansion in the education, winery, restaurant and retail sectors.
The company touts the increasingly lucrative role Chinese consumers could play for Canadian businesses, given the country’s growing middle class.
WATCH: Canadian business presence on China’s Alibaba
Alipay, originally created by Chinese online shopping giant Alibaba.com, was launched in 2004 and has more than 520 million active users. It is now owned by Ant Financial Services Group, a “related company” to Alibaba.