The gap between residents of second-tier and third-tier cities and those from first-tier cities is rapidly narrowing in terms of per capita outbound destinations, travel expenditure, and travel budget according to a report from Nielsen.
Alipay News, Stats and Insights
Alipay is China’s leading online payment service by both the number of users and total transaction volume. Once a member of the Alibaba Group now affiliated with Alibaba under Ant Financial, 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 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 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.
Alipay 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
Annual active consumers on Alibaba’s China retail marketplaces reached 711 million, an increase of 18 million from the 12-month period ended in Q3 2019. Mobile MAUs on its China retail marketplaces reached 824 million in December 2019, an increase of 39 million over September 2019.
Following Double 11 2019, the last major shopping festival is Double 12. Alibaba’s Taobao of Double 12 will focus on live broadcasting; everyone is the host and everything can be broadcasted. Interesting content will become a huge highlight of Double 12 on Taobao.
In addition to Tencent’s WeChat, Baidu, and Ant Financial’s Alipay, many other large Chinese Internet companies have been taking actions in building their mini-program ecosystems. QQ (Tencent) introduced the “One-click Comment” function and managed to explored new sources of traffic. Alipay introduced the “Comment after Payment” function. WeChat (Tencent) introduced the Notification Subscription and Industry […]
Alipay has just introduced a version of its popular app designed specifically for international travelers to enjoy the ease of paying with their smartphones while visiting mainland China. And, no local mobile number or bank account is required.
During the National Day Golden Week (October 1-7) this year, online consumption is showing trends towards refinement, efficiency, and intelligence. Traveling is still the main way people spend their holidays. Overall, both consumption and tourism have shown trends of reshoring from abroad to domestic market and expansion from the first- and second-tier cities to the […]
As Alipay accelerates its footprint across the globe, Chinese consumers’ overseas spending through the app continues to increase during China’s National Day Golden Week period, compared to the same period last year. Global in-store transaction volume this year grew by 10% YoY. The average total spends per user increased by 15% to about RMB 2,500 […]
The China New Economic Research Institute and Alipay jointly issued the first “Post-90s Savings Report” in July 2019. The report shows that 92% of the post-90s, people born between 1990 and 1999, have a surplus with their salary every month, and 80% of the people manage the surplus. By comparing their Yu’e Bao, Alipay’s monetary […]
WeChat is not the only platform supporting the instant-launch light applications, which is widely known as mini-programs. Leading Chinese internet companies are building their own ecosystem with Tencent’s WeChat, Alibaba’s Alipay, and Baidu’s smart program in the leading positions. Another league of mini-programs worth mentioning is QuickApp, an application ecosystem launched by the nine major […]
The competition pattern of “duopoly” is still solid, while the competitiveness of UnionPay, a state-owned player, is improving. The penetration rates of Tenpay, inclusive of WeChat Pay and Mobile QQ Wallet, and Alipay are 89.2% and 69.5% respectively, with the number of estimated users reaching 940 million and 740 million respectively, according to an Ipsos […]
Market penetration of payment and settlement applications in China reached the highest point in December 2018 with an average DAUs of 157.9 million. Alipay is the distant leader with a penetration of 55.2%. Market penetration of payment and settlement apps reached 61.3% in December 2018, with an increase of 16.3% year-on-year. Its average DAU increased […]
Alipay shared a study on the spending habits of Chinese visitors on the payment app over the Labour Day holiday (1–3 May) this year. The number of Chinese visitors in Singapore over the Labour Day holiday period almost doubled from last year.
Alipay recently introduced a new feature Sports on its mini-programs platform and opened beta testing to some developers. It has helped promote brand exposure and user acquisitions. Previously, Alipay mini-programs has opened over 600 functions including face recognition to developers. Alipay, the leading online payment platform owned by Ant Financial and affiliated with Alibaba Group, […]
In Q4 2018, China’s third-party mobile payment grew by 7.78% to US$7 trillion in Q4 2018. Alipay (53.78%) and Tencent Finance (38.87%) combined had a total of 92.65% market share. The third-party internet payment market shrank by 3.48% quarter-on-quarter to US$0.94 trillion. The top 3 players accounted for 56.42% share of this market. 3rd-party mobile […]
China’s top 3 online banking players accounted for 36.7% of the total monthly active users of the online banking industry in December 2018. UnionPay QuickPass saw a high growth of 289.9% in monthly active users. Alipay’s daily active users grew by 20.2% to 320 million thanks to its Wufu campaign. Both online banking and payment & […]