News this week: The Alibaba Group’s online payment platform, Alipay, has announced a partnership with China CITIC Bank to jointly operate its Kuai Jie Zhi Fu (Quick Pay) service – an online payment service that allows users to complete online transactions in a single step.
According to Alipay, using Quick Pay will increase the chance of a completed online credit card payment from less than 70% to approximately 95%. Quick Pay is currently compatible with credit cards issued by China CITIC Bank, Bank of China, China Construction Bank as well as several others.
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