Digital Banking Success Story – Alipay

Digital Banking Success Story – Alipay

The world’s largest mobile payment platform

Alipay is the world’s largest mobile payment service organisation in the world. The payment service overtook PayPal as the largest payment service in 2013 and in 2018 already reached 870 million users. Alipay claims it operates with more than 65 financial institutions including Visa and Master-Card to provide payment services as well as more than 460,000 online and local Chinese businesses. Alibaba took advantage of China’s central bank, who issued licensing regulations in June 2010 for third-party payment providers. The central bank also issued separate guidelines for foreign- funded payment institutions. Because of this, Alipay, which accounts for half of China’s non- bank online payment market, was restructured as a domestic company controlled by Alibaba. Alipay is a wallet application for smart phones. QR code payment is used for local in-store payments.

The Alipay app also provides features such as:

• Credit card bill payment
• Bank account management
• P2P transfer
• Mobile phone top-up
• Bus and train ticket purchase
• Food orders
• Ride hailing
• Insurance selection
• Digital identification document storage

Alipay also allows for online check-out options on most Chinese-based websites.

Alipay also extends their services to areas such as paying transportation fines, property fees, and cable television fees.

Common online payment services also include hydro-power coal payment, tuition payment and traffic fine.


  • Free credit card bills checking

  • Repayments with no administrative fee

  • Automatic repayment configuration

  • Repayment reminders and other value-added services.

Alipay is one of the greatest success stories to-date in Digital Banking!