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online payment

Third Party Payment in 2011 Exceeded 2 Trillion Yuan

China’s third party online payment continues to maintain strong growth in 2011 with an estimated total transaction exceeding 2 trillion yuan (2,203.8 billion yuan or USD 349 billion), up 118%.

China to Allow Non-financial Companies to Offer online payment services

China’s central bank on Monday said it would allow non-financial companies such as Alibaba, the country’s leading e-commerce company, to offer online payment services. The move comes after months of uncertainty over whether the People’s Bank of China might severely curtail the business of AliPay, an affiliate of Alibaba. The central bank has been pushing [...]

China Q1 Online Payment Exceeded 212 Billion Yuan

According to iResearch, the first quarter of china’s online payment market in 2010 totaled to $212.1 billion yuan (US$31 billion) with an increase of 17.8% compared to Q4 2009.

Alibaba Alipay CEO Went Streaking to Celebrate 1.2 billion daily transactions

Alipay (under Alibaba Group; similar to PayPal) CEO Xiaofeng Shao made a promise this July that he would go streaking if Alipay daily transactions exceed 1.2 billion yuan by the end of 2009. It reached 1.213 billion yuan on Dec 7 for the first time; and, yes, Mr Shao kept his promise and ran around [...]

Baidu Online Payment Baifubao Allows Top-up by Phone Top-up Cards

I’m not sure you realize many Chinese internet companies share one common strategy – go where the money is. Baidu, the largest Chinese search engine in the world, launched “YouA” to compete with Taobao and “Baifubao” to be in competition with PayPal China and Alipay (under Alibaba). Baifubao recently becomes innovative by supporting topping up [...]