Alipay – Competitor Profile
Launched in 2004, Alipay is the largest alternative payment services provider (PSP) globally in terms of transaction value. It is a subsidiary of Ant Group, which is controlled by Alibaba Group. Alipay allows users to make fund transfers as well as online, in-app, and in-store payments at home and abroad. It is the primary method of payment for Alibaba’s online marketplaces, including AliExpress, Tmall, and Taobao. In FY 2021 ending March 2021, almost 70% of gross merchandise value in 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 and hospital costs.
Alipay is accepted in more than 110 countries, allowing Chinese tourists to make payments in Chinese renminbi and settle the amount in 27 currencies. Outside of China, Alipay’s strategy involves 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 solutions providers. This has made the service accessible to Chinese tourists in overseas countries, as well as to foreign customers who purchase products from Alipay-partnered Chinese ecommerce sites. Over 80 million merchants accept Alipay as a payment method in their stores. Alipay is also available as a payment option for transport in over 700 cities and towns across China, as well as in countries including South Korea, Hong Kong, Singapore, Malaysia, the US, Italy, and Australia.
Alipay continues to focus on expanding its overseas merchant acceptance network. In March 2022, it partnered with PSP Razer Merchant Services to integrate Alipay’s cross-border payment solution Alipay+ into its platform in Malaysia. Previously, a similar partnership was agreed with PSP Nets in Singapore in November 2021.
The report provides information and insights into Alipay including –
– Detailed insight into its business
– Comprehensive coverage of its products and services
– Comparative assessment with key alternative payment solutions
– Information on its revenue model
– The company's important events and milestones
– In December 2004, Alipay launched in China.
– In September 2011, Alipay acquired OnCard Payments, the third-party payment service subsidiary of Australia’s OnCard International.
– In September 2017, Alipay launched the Smile to Pay biometric feature, allowing users to pay with a smile during checkout at stores.
– In September 2021, Alipay enabled cross-border remittances between Macau and mainland China.
Reasons to Buy
– Gain insights into Alipay's business operations and key events.
– Gain insights into its product portfolio and revenue model.
– Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
Table of Contents
Partner Banks and Financial Institutions in China
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