BBVA develops the infrastructure to allow El Corte Inglés to process Alipay mobile payments by Chinese tourists. Alipay is one of the most popular payment platforms in China
In 2018, Spain expects to welcome over half a million tourists from China, a country that is quickly becoming an important source of foreign visitors. With expected expenditure of almost €1 billion, they represent a great opportunity for Spanish retailers to boost their sales.
Spanish retailer El Corte Ingles, Europe’s largest department store chain, has reached a deal with Chinese e-commerce giant Alibaba to allow users of the Alipay mobile payment platform to purchase goods and services in its stores all over Spain.
The store said the agreement means the 150,000 Chinese tourists who visit its stores each year can use the same QR-based barcode payment system they employ at home when making a purchase. Alipay’s system relies on QR codes, similar to the ones used by airlines for boarding passes. The retailer uses the SmartPay camera to scan the QR Code to make payments. This is the most widely used payment method in China, where QR codes are also used as marketing and promotional tools.
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