Third-party payment provider Huifu Payment Ltd has launched a new payment tool that aims to streamline online transactions for smaller merchants and individual business owners.

The tool, dubbed "Adapay", provides a one-stop solution for developers to link their systems to an army of mainstream payment platforms like Alipay, WeChat Pay and UnionPay's Quick Pass, the company said at a product launch ceremony in Shanghai on Tuesday.

Adapay is designed to serve the needs of mushrooming startups, individual employers and other emerging business entities who long for payment services but lack the financial and technological capability to do so on their own, company chairman and CEO Zhou Ye said.

Compared with conventional methods that only offer application programming interfaces, Adapay comes with eight software development kits that circumvent the hassle of research and development from scratch, said Yi Jun, chief data officer at Huifu.

Instead, the integrated solution allows the insertion of several lines of code and a minimum of five minutes' testing before the payment function gets the green light.

Yi added merchants can use Adapay stands to enjoy world-class technologies offered by Alibaba Cloud, as the product itself is built on Alibaba's cloud-computing infrastructure.

"For smaller merchants, the product can effectively trim development costs of about hundreds of thousands of yuan per year," said Zhang Yang, co-founder of digital consultancy ifenxi.

Unlike consumer-facing mobile wallets like Alipay, the Hong Kong-listed Huifu mainly serves business-to-business scenarios, including merchant payment solutions and fintech enabling services to internet finance providers and commercial banks. It also offers artificial intelligence, big data and cloud services.