Launched in 2004, Alipay (www.alipay.com) is a commonly used third-party online payment solution in China. It provides an easy, safe and secure way for millions of individuals and businesses to make and receive payments on the Internet. Alipay has more than 800 million registered accounts as of December 2012, set a record for the highest daily number of transactions, processing 105.8 million payments during the 24-hour period, with over 20 billion RMB. The preferred online payment tool of Internet merchants in China, Alipay provides an escrow payment service that reduces transaction risk for online consumers. Shoppers have the ability to verify whether they are happy with goods they have purchased before releasing funds to the seller.
Alipay partners with more than 100 financial institutions including leading national and regional banks across China as well as Visa and MasterCard to facilitate payments in China and abroad. In addition to Taobao Marketplace and Tmall.com, Alipay provides payment solutions for more than 460,000 merchants, covering a wide range of industries including online retail, virtual gaming, digital communications, commercial services, air ticketing and utilities.
It also offers an online payment solution to help merchants worldwide sell directly to consumers in China and supports transactions in 12 major foreign currencies. Alipay is an affiliate of Alibaba Group.
Alipay is an affiliate of Alibaba Group.