Alipay

From ElateWiki

Contents

Introduction

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Alipay.com is a third-party online payment platform with no transaction fees.It was launched in China in 2004 by Alibaba Group and its founder Jack Ma. According to an analyst research report, Alipay had the biggest market share in China with 400 million users and control of just under half of China's online payment market in October 2016. According to Credit Suisse, the total value of online transactions in China grew from an insignificant size in 2008 to around RMB 4 trillion (US$660 billion) in 2012.

Alipay provides an escrow service, in which consumers can verify whether they are happy with goods they have bought before releasing money to the seller. This service was offered for what the company says are China's weak consumer protection laws, which have reduced consumer confidence in C2C and even B2C quality control.

Alipay says it operates with more than 65 financial institutions including Visa and Mastercard to provide payment services for Taobao and Tmall as well as more than 460,000 Chinese businesses. Internationally, more than 300 worldwide merchants use Alipay to sell directly to consumers in China.It currently supports transactions in 14 major foreign currencies.

The payment methods are MasterCard, Visa, Boleto Bancário, Transferência Bancária, Maestro, WebMoney, and QIWI Кошелек as of May 2014.

A replacement for physical bank

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Alipay plays the most important role in China’s online payment market. More than half of China’s population depends on it. The market share of Alipay is huge and probably the biggest as it counts about 300 million users.

Alipay is not new to the people of China. It was introduced in the year 2004 by Jack Ma’s Alibaba Group. In the last 10 years, it has grown significantly in the financial market of China. According to analysts, because of Alipay the sum value of online money transactions has increased to near 4 trillion. It is not just a number, but a calculation of huge success in this parameter. Depending on this base value, Alipay seems to have a bright future ahead. Not just that, however, it will be effective in the financial structure of China.

Now if we look closely at the products of Alipay, we will see that one of the most important products that it features is Cross Border website payment. It will give you the freedom of money transactions in any corner of the world. The overseas payment procedure will help you in international product buying. This procedure will be done by the website. The very next product is similar which is Cross Border Mobile Payment. This product will make your money transaction more flexible. There are a few other important and useful products like Express Login and Auto Debit Service.

Alipay is operational with more than 60 to 65 financial organizations that include institutions like Visa and MasterCard. Alipay features a credible service which is called Escrow service. This service comes with a unique specialty. It gives the consumers a platform to verify whether they are happy with the product or not, before they transact money to the seller. The service is introduced to increase the consumer confidence in B2B and B2C purchases.

How to Use

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Alipay for foreigners: how to create an account? It is not exactly a WeChat related topic, but following popular demand, we will show you the application process on Alipay for foreigners. You will need to read some basic Chinese to navigate through the Alipay website.

What can you use Alipay for? Shop on most of Chinese website, including Taobao and Tmall Transfer money to your friends Pay credit card bills Pay phone bills Go Dutch Get a taxi Invest in mutual fund with Alibaba Check bank balance In-store purchase for selected supermarket, restaurants and vending machines Before you apply Have the following ready:

Your passport number Email Chinese phone number Chinese bank account How to create an account? 1. First, go to Alipay’s application site (make sure you are using your email to register): https://memberprod.alipay.com/account/reg/email.htm

2. Choose your country.

3. Verify your email account

4. Verify your phone number, you have the choice of using a Chinese or a foreign phone number.

5. Fill out the registration form

Login password Payment password Security questions ID information, choose passport and enter your passport number

6. Login to your Alipay account through: https://www.alipay.com/ If this is the first time you are visiting the site, you will need to install the Alipay applet in order to enter the password.


7. Make a deposit The easiest way to get started is to make a deposit to your Alipay account. Go to your account homepage and click on Chongzhi (充值).

When selecting your bank, do not choose from the main menu because these options require a Chinese ID. Instead, click on Other Selections (选择其他) like in the picture below.

8 .Follow the requirement of your specific bank and complete the deposit process.

Shop on Taobao! You can use your Alipay account to login to Taobao.

9. Go to https://login.taobao.com/ Create your Taobao user name. During checkout, select pay with your Alipay account. alipay2

For some users, you might be required to verify your account in order to start shopping. You can learn how to do so through the following link.

Congratulations! Now you are the proud owner of an Alipay account.

Conclusion

Alibaba’s ambitions for Alipay are taking root at an opportune time, as many in Asia still lack a credit card and probably will find linking a bank account to a mobile payments platform much easier for payment options.

Wallet credit cards Furthermore, the problems that the Chinese market is experiencing in terms of making payments successfully via their smartphones — such as erratic Internet connection, limited bandwidth and even trustworthiness of the merchants — are issues that the Southeast Asian market likely faces too.

This means that Alipay is well-placed to enter the market, well before Western companies such as PayPal actually figure out how to target an audience that doesn’t use credit cards as widely as those in the West.

Right now the Alipay Wallet app is entirely in Chinese, which is a huge disadvantage, but Alibaba has already shown that it is making progress in addressing the English-speaking population: with its dual-language Taobao Southeast Asia site and as it launched an English language microsite for Tmall, its B2C shopping site for brands.

It seems like Alipay is trying to take the first step before its fierce Chinese competitor — Tencent-owned WeChat, which folds in Tenpay’s technology — is able to tap on the massive overseas audience it has via its mobile messaging app. In August, WeChat passed 100 million registered user accounts outside China.

References

https://ab.alipay.com/i/jieshao.htm#en

http://walkthechat.com/alipay-foreigners-create-account/

http://taobaofieldguide.com/advanced-tactics/registering-for-an-alipay-account

https://en.wikipedia.org/wiki/Alipay_(payment_platform)

http://thenextweb.com/asia/2013/10/17/alibaba-is-building-its-alipay-payments-service-into-the-paypal-of-the-east/