Alipay.com Co.,Ltd (AliPay) is China’s leading online payment service by both number of users and total transaction volume. A member of the Alibaba Group, it enables individuals and businesses to securely, easily and quickly send and receive payments online. AliPay works like an escrow service, solving the issue of settlement risk in China.
Since its launch in 2004, AliPay has become the most popular and extensively used online payment tool for all areas of e-commerce in China, and is fast becoming the industry standard. As of 20 Oct 2008, AliPay had more than 110 million users and a daily transaction volume exceeding RMB550 million, through more than 2,500,000 daily transactions.
AliPay continues to extend its leadership in online payments to merchants outside of the Alibaba and Taobao marketplaces, with more than 460,000 external merchants using AliPay as their preferred online payment platform, including leading local brands Lenovo, CCTV, Aigo, and New Oriental.
AliPay’s products and services are built on trust. Not only does AliPay guarantee the safety of each online transaction, it helps Internet users create their own trust profile which fosters a safe online payment environment.
To provide AliPay, Alibaba has partnered with all the leading banks in China, including Bank of China, China Construction Bank, Agricultural Bank of China, and the Industrial and Commercial Bank of China, as well as visa and other financial institutions. AliPay has received the endorsement of traditional banks and financial institutions because of its advanced e-commerce payment technology and sophisticated risk management system. AliPay wants to be the e-commerce payment partner of choice for financial institutions.
Honors and Awards
Alipay has received many honors and awards from the industry and its customers:
- “People’s Choice Awards in Electronic Payment” in 3rd China Top E-payment forum (2007) sponsored by E-Business World Magazine
- “China’s Excellent E-Payment Enterprise” by China Electronic Commerce Association
- “Yearly Award for Successful Enterprise in China’s Online Market (2006-2007)” by Internet Market China 2007 sponsored by CCID and CCIDConsulting.
- “Top 10 Market Strategy Company” by China Business Post
- “Excellence in Product Innovation” by China Business
- “Most Trusted Online Payment System” and “No. 1 E-commerce Payment Service” in a survey of internet users by China Association for Quality and CCW Research
- “Safest Brand” by China’s E-payment Leaders Convention
- “Most Popular Online Payment Tool” by 21eChina
- “Most Innovative Product” by 21st Century Business Herald
- “No. 1 E-commerce Payment Service” and one of the “Most innovated Company”, list in 50 Most Famous Internet Brands in a survey of China’s internet industry by Internet Society of China