Alipay, a Chinese online payment platform run by Alibaba spin-out Ant Financial, has entered into an agreement with Commonwealth Bank of Australia to provide payment solutions for Australian and Chinese consumers and retailers.

Under the memorandum of understanding (MOU), the two entities will work together to allow Australian consumers to make purchases across Alibaba Group’s e-commerce websites, including AliExpress.

The agreement will also allow Chinese tourists and Chinese students to use Alipay in-store payments at Australian retailers.

According to Commonwealth Bank, nearly 19,000 Chinese tourists visit Australia every week and spend almost $8,000 per person.

Ant Financial Services Group senior vice president and head of Alipay International Douglas Feagin said: “Australia is a popular destination for Chinese travellers and Chinese students studying overseas. We want Alipay users to enjoy the kind of convenience they are used to at home. We are working with regional and global partners like CBA to make this happen.”

Commonwealth Bank group executive of institutional banking and markets Kelly Bayer Rosmarin said: “We are thrilled to be the first Australian bank to collaborate with Alipay in building an innovative payments solution that leverages our leading e-commerce and point of sale platforms.

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“We are constantly working on payment solutions that offer flexibility and choice for our customers so the prospect of bringing them closer to a globally leading mobile payments provider, and its 450 million active users, is truly exciting.”