Alternative Payment Solution: Alipay
Alipay is the largest alternative payment services provider globally in terms of transaction value. It is a subsidiary of Ant Financial Services, which is controlled by Alibaba Group Holding Limited. Alipay allows users to make online, in-app, and in-store payments at home and abroad, as well as fund transfers. It is the primary method of payment for Alibaba’s online marketplaces, including AliExpress, Tmall, and Taobao. In fiscal year 2018 ended March 31, almost 70% of gross merchandise value on Alibaba’s Chinese marketplaces was settled via Alipay. The solution has become mainstream in China, and is used to make payments for everything from retail purchases to taxi fares to hospital costs. Over 40 million Chinese merchants now accept Alipay as a payment method in their stores. Alipay is also available as a payment option for transport in over 50 cities across China, as well as in countries including South Korea, Hong Kong, Singapore, Malaysia, the US, Italy, and Australia.Launched in 2004, Alipay is now accepted in more than 110 countries, allowing Chinese tourists to make payments in Chinese yuan, with the amount settled in 27 international currencies. Outside of China, Alipay’s strategy focuses on onboarding overseas merchants wherever Chinese tourists are likely to shop. As part of its expansion it has partnered with over 250 overseas financial institutions and payment solution providers, making the service accessible to Chinese tourists in overseas countries and for foreign customers who purchase products from Alipay-partnered Chinese e-commerce sites.
Alipay launched the localized AlipayHK app for Hong Kong residents in May 2017. Initially the service was made available at over 2,000 merchants in Hong Kong. In April 2017, Ant Financial Services merged with helloPay, a payment solution developed by Southeast Asian online marketplace provider Lazada, which operates in countries including Singapore, Malaysia, Indonesia, and the Philippines.
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