Alipay.com

Alipay - Alibaba's version of PaypalFounded by the popular Alibaba Group back in 2004, Alipay.com has become one of the most widely used online payment services in China, and it is currently one of PayPal’s main competitors. Simply put, Alipay.com is a third party Internet-based payment platform that charges no fees for the financial transactions, and this is precisely what added to its popularity. At the time being, approximately 300 million users from China rely on Alipay.com to perform online transactions in a fast, safe and efficient manner.

A report provided by Credit Suisse has shown that Alipay.com has transactioned no less than $660 billion within the years of 2008 and 2012. Another important aspect that has made Alipay.com such a popular online payment provider is the fact that it is an escrow-based service, which means that people have the chance to check the quality of the items they have ordered prior to actually paying for them. This adds to the credibility of the seller and to the satisfaction of the buyer, therefore it is a win-win.

Currently, those who use the services provided by Alipay.com are primarily sellers and buyers that engage in e-commerce transactions, especially those of the Alibaba Group and all its affiliates. This is the main online payment system provided on the TaoBao Marketplace as well as on Tmall, which are two of the most important affiliate platforms of Alibaba.com.

Throughout the 10 years of existance, Alipay has partnered with some of China’s largest banks, and it also has a partnership with Visa and Mastercard. At the time being, this online payment provider operated with over 60 different financial institutions. Alipay now accounts for almost half of China’s total non-baking, Internet-based payment market, and last year it has released Yu E Bao, a financial product platform. This is an investment service that was launched in June 2013.

With around 8.5 million transactions on a daily basis, Alipay.com offers a variety of useful and user-oriented features and functions as well, one of them being the cross-border website payment. Simply put, this is a real-time payment option provided for international payment, by Alipay. The cross-border mobile payment is yet another international payment solution, but aimed at smart phone users, while the Express Payment option is considered to be the most secure and convenient method to pay online. Overall, Alipay is one of the safest ways to execute payments online in China, and it is available both for businesses and for individuals.