News this week: According to a report on Penn-Olson, Alibaba Group’s online payment platform, Alipay, will launch a new service to process international payment later this month. The new service will be named Alipay Express, and will partner with a “major recognised brand of bank” that will also be involved with the new launch.
Alipay Express is reportedly based closely on the company’s Chinese Alipay ‘Quickpay’ service, a new branch of Alibaba’s payment platform launched at the end of last year. The service ties a user’s credit card to their Alipay account, which is backed by 100 Chinese banks. Alipay’s Quickpay is currently available on most websites that accept online payment in China.
According to an external source quoted on Alipay’s website, the company is China’s leading online third party payment company with just under 50% of market share and had over 550 million registered users last year.
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