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Banks (Finance)

Alipay Expands Online Payment Service with Major Chinese Banks

Strategic Insights

— 1 min read

Alipay.com Co., Ltd. has made a significant move in the online payment sector by partnering with ten prominent Chinese banks to offer a seamless and efficient payment experience. The new service allows users to make online payments using their credit card numbers without the need to open an online bank account. This cooperation has been met with a rapid adoption rate, with nearly 3 million new users signing up for the service. The number of registered Alipay users has surpassed 550 million, with a daily turnover of CNY 2.5 billion and 8.5 million deals.

Key Takeaways:

  • Alipay has partnered with ten major Chinese banks, including Bank of China, Industrial and Commercial Bank of China, China Construction Bank, and Ping An Bank, to offer an efficient payment service.
  • The new service allows users to make online payments using their credit card numbers without the need to open an online bank account.
  • The number of newly-added users of the new service has been close to 3 million.
  • Alipay's registered users have surpassed 550 million, with a daily turnover of CNY 2.5 billion and 8.5 million deals.
  • The partnership aims to improve the online payment experience in China.
  • Bank of China has taken the lead in releasing credit card efficiency service with Alipay at the end of December 2010.

Statistics:

  • 550 million registered users on Alipay's platform.
  • Daily turnover of CNY 2.5 billion.
  • 8.5 million deals made on Alipay's platform on a daily basis.
  • 3 million new users signed up for the new payment service.
  • 10 major Chinese banks partnered with Alipay for the new service.

Sources:

  • SinoCast Daily Business Beat, Apr 19, 2011.
  • Copyright 2008 SinoCast Daily Business Beat. All rights reserved.

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