03 May 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:
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.
THE MAIN ADVANTAGES ARE:
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!