Zhifubao - Best Blogs Asia
Aka Alipay by the people from Alibaba, is now bigger than Paypal as the world’s largest electronic payment gateway.
Buying and selling online is important in this day and age, having on online processor that you can trust is just as important.
Impact of Zhifubao
Alibaba recently announced that its user number has reached 200 million. It now overtakes Paypal as world’s largest electronic payment gateway. It took Zhifubao 5 years to get the first 100 million users in the end of August 2008. The period shorted to 10 months to enlarge its user number from 100 million to 200 million.
Alipay oversees ￥450 million worth, or 2 million transactions every day. Currently, the number of merchants supporting Alipay has surpassed 460,000, not including those on Taobao and Alibaba. In terms of banking, Alipay has entered into strategic cooperation with domestic commercial banks such as the Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, China Merchants Bank and Pudong Development Bank, along with organizations such as China Post and VISA. Alipay partners with banks to provide an escrow service for payments, which reduces the settlement risks faced by Alipay’s customers in their e-commerce transactions.
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.
Join Alipay
You can join Alipay here, but watch out since it’s completely all in Chinese (no Alipay affiliate program yet):
Alipay FAQ
Do I need an Alipay account?
There’s no need to create an Alipay account. All you need is an Alibaba.com Membership. You can buy via Alipay with either a Visa or MasterCard that’s verified by your bank
How does Alipay secure your online transactions?
For Buyers: Pay securely with your credit card without exposing your details. We only release payment to the supplier after you confirm delivery of your order. When paying online, your details are protected by VeriSign SSL encryption (the highest level of protection commercially available).
For Suppliers: After the buyer has made payment, we will confirm that it is safe to ship the order. When the buyer confirms delivery, we release payment directly into your bank account.
Godaddy Using Alipay
Godaddy the huge web hosting company in the US has started to include Alipay in it’s checkout options. The meaning of adding it to their list of options is that they recognise the Chinese market and potential customers.
Conclusion
I can foresee Alipay growing and moving into Western territories. Perhaps eBay will buy them out or even Google, but one thing for sure is that they have grown massively over the past few years.
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