Alipay (支付宝, July 7, 1962 -) has received attention for the same name as the Chinese payment platform "Alipay". In March 2016, Alipay said he hoped to see Ma Yun, Alipay responded that he could meet Ma Yun, but they have not met until now.
Alipay 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.
In February 2019, Alipay and Tourism Australia announced a service to promote Australian destinations to Chinese tourists using the city of Sydney as a 12-month pilot project. The new Sydney City Card will introduce an interactive city map in the Alipay app to alert tourists to participating locations and retailers where Alipay payments are welcomed. A similar initiative will be trialed concurrently in Queenstown, New Zealand.
Alipay provides multiple security mechanisms to make sure that user accounts are safe. An Alipay account requires the user to set up their own login password and separate payment password, which need to be different. The user can enter the login password up to five times and the payment password up to three times before the user is locked out of his or her account. To regain access to the account, the user must contact Alipay. A user must also install a digital certificate, which can encrypt information sent over a network, preventing hackers from stealing passwords, thereby enhancing the security of online transactions.
In November 2019, Alipay introduced Tourpass, a service component that allows non-Chinese users to use its mobile payment feature by pre-loading Chinese Yuan equivalent foreign currency into the app.
Ant Financial has partnered with First Data in 2017. It allows Alipay service to be used at point-of-sale with more than four million retail partners in United States.
Regulatory changes issued by the People's Bank of China (Central Bank of China) are set to alter the Chinese online payment ecosystem forever. Top-tier digital payment services such as WeChat Pay and Alipay are expected to transfer all relevant transaction data to appropriate agencies starting June 30th, 2018.
Launched in 2004, Alipay, an escrow-based online payment platform, is the preferred payment solution for transactions on Taobao Marketplace. It is the most widely used third-party online payment solution in China. To ensure safe transactions, Alipay uses an escrow system through which payment is only released to the seller once the buyer has received his or her goods in satisfactory condition. According to the Alibaba Group web site, Alipay is partnered with multiple financial institutions as well as Visa and MasterCard to facilitate payments in China and abroad.
Alipay is a third-party mobile and online payment platform, established in Hangzhou, China in February 2004 by Alibaba Group and its founder Jack Ma. In 2015, Alipay moved its headquarters to Pudong, Shanghai, although its parent company Ant Financial remains Hangzhou-based.
Alipay has started cooperating with Vipps in Norway. 30 shops in Bergen are ready to receive Alipay-customers, and in January 2019 some shops in Oslo will be ready.
Alipay is conceptually similar to Apple Pay, WeChat Pay and PayPal because it overlays traditional card payment methods. Although users receive immediate notification of the transaction, the main difference among Alipay and an instant payment system, like Venmo or Zelle is that the funds transfer between counterparties is not immediate. The settlement time depends on the payment method chosen by the customer, while for instant payment systems, the funds are transferred within seconds or minutes.
In 2017, Ant Financial introduced their expansion of service to Hong Kong. They launched Alipay Payment Services (HK) Ltd. and the "AlipayHK" brand as a joint venture with CK Hutchison. They launched a standalone app providing features such as mobile payment and P2P transfer. All transactions are settled and paid with Hong Kong dollar instead of Renminbi. The service is now available in major chain stores such as McDonald's, 7-Eleven and Circle K. Wet markets and other merchants are also further supported.
The Alipay app allows users to add their own services provided from different companies to create a more personalised experience.
Internationally, more than 300 worldwide merchants use Alipay to sell directly to consumers in China. It currently supports transactions in 18 major foreign currencies.
In 2017, Alipay partnered with SnapPay to allow Canadian retailers to accept Chinese currency from Chinese shoppers. There are currently 800 merchants in Canada that supports Alipay, including most Cadillac Fairview mall locations in partnership with OTT Pay, such as the flagship Eaton Center of Toronto and CF Chinook Centre in Calgary. Air Canada began allowing transactions in Alipay to book flights from Canada and the United States beginning in August 2018, after initially rolling out the feature for booking of flights originating from China.
In 2017, Alipay unveiled their facial recognition payment service.
Since the launch of Alipay in the Mainland China, Ant Financial introduced a series of expansion of the services to other countries.
In 2018, Alipay bought 20% shares in Bangladeshi mobile financial service provider bKash Limited.
From December 2013, several chain convenience store companies, including Meiyijia, Hongqi Chain, and Qishiduo C-STORE and 7-Eleven, have successively supported Alipay payment; in December, Beijing taxi drivers began to accept Alipay to pay the fare. Subsequently, Wanda Cinema, Joy City, Wangfujing and other large-scale retail companies as well as movie theaters, KTV, and catering companies have access to Alipay.
Alipay partnered with Barclaycard in United Kingdom, bringing Alipay to UK retailers.