Common online payment services also include hydropower coal payment, tuition payment and traffic fine. ![]() In addition to utility bills such as water and electricity, Alipay also extends their services to areas such as paying transportation fines, property fees, and cable television fees. Since late-2008, Alipay has promoted public service payment services and has covered more than 300 cities nationwide, supporting more than 1,200 partner organizations. The Alipay app allows users to add their own services provided from different companies to create a more personalised experience. Alipay also allows online check-out on most Chinese-based websites such as Taobao and Tmall. The Alipay app also provides features such as credit card bill payments, bank account managements, P2P transfer, prepay mobile phone top-up, bus and train ticket purchases, food orders, vehicles for hire, insurance selections and a digital identification document storage. QR code payment codes are used for local in-store payments. Services Food ordering with Alipay in Mainland ChinaĪlipay claims it operates with more than 65 financial institutions including Visa and MasterCard to provide payment services for Taobao and Tmall as well as more than 460,000 online and local Chinese businesses.Īlipay is used in smartphones with their Alipay Wallet app. In 2021, the mandate by the Ministry of Industry and Information Technology (MIIT) to open up the " walled garden" ecosystems of the major tech companies has led to the introduction of interoperability of payment QR codes of Alipay and competing WeChat Pay and UnionPay's Cloud QuickPass platforms. In 2020, Alipay upgraded from a payment financial instrument to an open platform for digital life. In 2017, Alipay unveiled their facial recognition payment service. In 2015, Alipay's parent company was re-branded as Ant Financial Services Group. As of June 2013 the company still had what it called "a minor paperwork problem" with the China Securities Regulatory Commission, but the company said that they planned to expand the product while these are sorted out. Alibaba (the parent company of Alipay) reported having 152 million Yu'e bao users in mid-2016, with 810 billion RMB (US$117 billion) in funds under management. Alipay partnered with Tianhong Asset Management to launch the it. In 2013 Alipay launched a financial product platform called Yu'E Bao (余额宝). The ownership dispute was resolved by Alibaba Group, Yahoo!, and Softbank in July 2011. The incident was criticised in foreign and Chinese media as harming foreign trust in making Chinese investments. ![]() Chinese business publications Century Weekly criticised Ma, who stated that Alibaba Group's board of directors was aware of the transaction. The 2010 transfer of Alipay's ownership was controversial, with media reports in 2011 that Yahoo! and Softbank ( Alibaba Group's controlling shareholders) were not informed of the sale for nominal value. ![]() Because of this, Alipay, which accounted for half of China's non-bank online payment market, was restructured as a domestic company controlled by Alibaba CEO Jack Ma in order to facilitate the regulatory approval for the license. It also issued separate guidelines for foreign-funded payment institutions. The People's Bank of China, China's central bank, issued licensing regulations in June 2010 for third-party payment providers. The service was first launched in 2003, by Taobao. Īlong with WeChat, Alipay has been described to be China’s super-app with a wide range of functionalities including ridesharing, travel booking and medical appointments. According to the statistics of the fourth quarter of 2018, Alipay has a 55.32% share of the third-party payment market in mainland China, and it continues to grow. As of June 2020, Alipay serves over 1.3 billion users and 80 million merchants. Īlipay overtook PayPal as the world's largest mobile (digital) payment platform in 2013. In 2015, Alipay moved its headquarters to Pudong, Shanghai, although its parent company Ant Financial remains Hangzhou-based. ![]() Alipay ( simplified Chinese: 支付宝 traditional Chinese: 支付寶 pinyin: zhīfùbǎo) is a third-party mobile and online payment platform, established in Hangzhou, China in February 2004 by Alibaba Group and its founder Jack Ma.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |