Summary

Alipay is the largest alternative payment services provider globally in terms of transaction value. It is a subsidiary of Ant Financial Services, which is controlled by Alibaba Group Holding Limited. Alipay allows users to make online, in-app, and in-store payments at home and abroad, as well as fund transfers. It is the primary method of payment for Alibaba’s online marketplaces, including AliExpress, Tmall, and Taobao. In fiscal year 2018 ended March 31, almost 70% of gross merchandise value on Alibaba’s Chinese marketplaces was settled via Alipay. The solution has become mainstream in China, and is used to make payments for everything from retail purchases to taxi fares to hospital costs. Over 40 million Chinese merchants now accept Alipay as a payment method in their stores. Alipay is also available as a payment option for transport in over 50 cities across China, as well as in countries including South Korea, Hong Kong, Singapore, Malaysia, the US, Italy, and Australia.

Launched in 2004, Alipay is now accepted in more than 110 countries, allow...