Alipay Goes Global
New Service Allows Global Retailers To Sell Directly To China Consumers Online
Hong Kong, August 28, 2007 – Alipay, China's leading online payment service and a subsidiary of the Alibaba Group, today launched a new international service which allows consumers in Mainland China to buy directly online from global retailers.
Alipay was launched in 2004 by global e-commerce leader and China's largest e-commerce company, the Alibaba Group, which also owns Alibaba.com, Taobao, Yahoo! China and Alisoft. As of August 20, 2007, Alipay had more than 47 million users in China, growing at a rate of more than 80,000 new registered users each day. Alipay's average daily transaction volume exceeds RMB 150 million, handling an average 780,000 transactions each day.
Alipay has quickly become the online payment standard in China's fast-developing e-commerce sector, powering both consumer and business-to-business transactions. According to independent research institute Analysys, Alipay is the largest online payment service provider in China with a market share of over 50%. With its service used by Alibaba.com customers, Taobao.com customers and more than 300,000 independent merchants for transactions outside of the Alibaba Group marketplaces, Alipay's growth has both benefited from and contributed to the rapid growth of e-commerce in China.
Mr. Jack Ma, Chairman of the Alibaba Group, said, "Our mission is to make it easy to do business anywhere. Alipay's trusted online payment service plays a vital role in fulfilling that mission. Now that Alipay is China's most popular online payment system, it's a natural step for us to expand the service globally."
The new Alipay service provides trusted and convenient transaction support for the growing number of middle-class Chinese consumers who would otherwise need to travel outside China to buy quality foreign products at cheaper prices. Statistics show that shopping is the major reason Chinese nationals travel abroad. MasterCard forecasts that 19 million travelers from Mainland China will make overseas trips in the second half of 2007 alone.
Alipay's new international service enables foreign currency transactions between Chinese consumers and overseas retailers. The service is the first online payment service of its kind in China, enabling transactions between renminbi and 12 major foreign currencies.
"China's consumers can now shop around the world without leaving their homes. To buy the latest products from Paris, London, New York and Hong Kong, all a China consumer needs is Internet connection and an Alipay account. We're inviting the world's leading retailers to partner with us to help bring foreign products to China's consumers." said Mr. Jonathan Lu, President of Alipay.
Alipay's first international partner retailers include Sa Sa International Holdings Limited, a leading Asian cosmetics retailing and beauty services group; StrawberryNET, the world's leading provider of discounted designer skin care, make-up, cosmetics, perfume and men's and women's fragrances; and J Shoppers, a subsidiary of Japan's largest listed mail order company Nissen On-line, focusing on mail order sales outside Japan.
Alipay expects to expand its overseas partner list to over 100 retail websites by the end of the year, to cover product providers ranging from cosmetics, fashion, bags and jewelry to household and digital products. The company also predicts the international service will reach monthly transaction volumes of RMB 800 million by the end of 2007.
Alipay is working with its long-standing partners Bank of China and China Construction Bank to provide the international service. Alipay has also formed a partnership with Asiapay to jointly develop the Hong Kong market. Asiapay, founded in 2000, is a Hong Kong based e-payment service provider and a partner of Yahoo! HK, JobsDB, Golden Harvest and Hong Kong Express Airways.