SCC to accept mobile payments from Chinese consumers
TORONTO – Sleep Country Canada (SCC) has launched a pilot program in collaboration with SnapPay, a provider of alternate payment solutions, that will enable Chinese consumers to pay for their purchases with Alipay and WeChat Pay at its 21 store locations in the Greater Toronto and Greater Vancouver areas.
Based in Mississauga, SnapPay is a payment gateway that allows North American merchants to accept digital payments from AliPay and WeChat Pay, the two largest Chinese payment platforms. It enables their 2.1 billion active users to digitally pay for their purchases in Chinese currency, while merchants get paid in Canadian (or U.S.) currency.
In a statement, SnapPay said its service offers a lower cost option for merchants compared to traditional credit card transactions and enhances the customer experience by offering Chinese consumers the option to pay with the mobile apps and currency they’re comfortable with.
The rising power of the Chinese consumer provides North American merchants with an opportunity to leverage a vast, new revenue channel, the company said, adding, the partnership with Sleep Country underscores the large buying power of the Chinese customer segment.
“With the trend of mobile payments gaining momentum, we aim to offer our customers the latest and most popular payment options that they’re comfortable with,” SCC vice president of sales Dan McKinley said. “The support of SnapPay and their payment partners like Alipay, have aided us in providing branded marketing support and incentive offers and convenience to our Chinese customer base, which has helped build our brand and offer a world class experience in this competitive landscape.”
“Our mission at SnapPay is to enable merchants to capitalize on the growing, thriving Chinese consumer market in North America,” said Chris Renton, SnapPay’s chief growth officer. “We help brands and retailers connect to Chinese consumers, and are pleased to partner with an innovative, industry-leader, such as Sleep Country Canada.”
The Chinese community market in Canada includes some 1.7 million immigrants; more than 600,000 annual visitors along with over 140,000 Chinese university students studying in Canada, which SnapPay describes as a lucrative and untapped customer segment.
The SnapPay platform enables consumers to pay in Chinese currency with a simple QR scan from their mobile app while merchants get paid in Canadian or U.S. dollars. Its solution benefits both retailers and consumers, by providing favorable merchant fees and simplifying transactions for Chinese consumers, while lowering their cost of purchase.