Alipay upgrades mobile application
October 31, 2013 Category Uncategorized
Alipay has upgraded its mobile application for smartphones to a version that allows users to pay for purchases even when they are not connected to the internet. The latest version of Alipay Wallet is based on a sound-wave technology that connects users’ phones with vending machines. Sound wave payment technology uses the white noise generated by smartphones to transfer digital information to other Alipay Wallet-equipped devices in the vicinity. Users can also electronically manage their credit cards, discount coupons and air tickets. Alipay has also partnered with more than 100 banks and financial institutions to allow inter-bank transactions free of charge. Cross-bank transfers often incur hefty service fees, sparking concern among bank customers. Currently, some 200 banks and 400,000 e-commerce vendors or online units of brick-and-mortar stores accept Alipay as an online payment channel. Alipay’s mobile use is also becoming more popular. 82% of all Alipay users inject money into their virtual accounts via portable devices. An average of 25,000 customers use Alipay’s wireless payment services every minute. Installations of the mobile app are 2.5 times higher than those on desktop computers, with the amount of transfers 1.5 times higher. The platform accounts for three-quarters of the country’s wireless payment market-according to consultancy iResearch. But rival Tencent has now also included payment integration functions into its popular WeChat app. Alipay has more than 650 million registered users, support for transactions in 14 major currencies and partnerships with up to 100 financial institutions, including Visa and MasterCard. The company plans to enter Taiwan in the first half of next year, Alipay Vice President Fan Zhiming said in a report. Internet consultancy iResearch said Alipay cornered 49.2% of the CNY3.7 trillion Chinese third-party online payments market last year. Hong Kong-listed Tencent’s Tenpay was the second-largest player with a 20% market share.
- KURT VANDEPUTTE (UMICORE) APPOINTED CHAIRMAN OF THE BOARD OF THE FLANDERS-CHINA CHAMBER OF COMMERCE (FCCC)
- Webinar: “Knowing Your Chinese Partner” – May 26, 2021, 10 am – 12 am
- EMA starts rolling review of CoronaVac, WHO approves Sinopharm vaccine for emergency use
- The Global Times warns not to politicize the Comprehensive Agreement on Investment (CAI)
- Hainan to become biggest duty-free market in the world