ASX-listed fintech Novatti Group has launched a new bill payment solution for members of Australia’s growing community of Chinese residents, migrants, students and toursist, resulting in its shares surging more than 36% in a day.
The chinapayments.com platform enables consumers to pay billers registered with the BPAY electronic bill payment system, using funds from their Alipay e-wallet. WeChat Pay and China UnionPay payments are currently under business development as extensions to the platform.
In launcing the platform, Novatti is seeking to capitalise on Australia’s network of 45,000 BPAY billers, growth in the local Chinese community, which now boasts more than half a million Chinese-born residents and a thrid of Australia’s international student population, and the fact that AliPay and WePay control 90% of China’s e-wallet market.
According to the company, many Chinese do not have access to Visa or MasterCard credit and debit cards, making e-wallets an attractive alternative payment method for residents, including students and new migrants.
Peter Cook, CEO of Novatti described the platform as “another plank” in the company’s strategy to support the booming China Australia market. Read more
James Harkness – Dynamic Business – 6 April 2018