Shop without having to transmit sensitive credit card numbers
Alipay was launched in China in 2004 by Alibaba Group and its founder Jack Ma.
It is China's leading third-party online payment solution, providing an easy, safe and secure way for millions of individuals and businesses to make and receive payments on the Internet. Alipay provides an escrow payment service that reduces transaction risk for online consumers; shoppers have the ability to verify whether they are happy with goods they
have purchased before releasing funds to the seller
Alipay lets customers pay for online purchases with eWallet, credit cards, debit cards and bank transfers. Since its launch, AliPay has quickly become a domestic leader in online payment solutions in China. Currently, Alipay has over 850 million registered users.
How AliPay Works
The customer chooses a product and selects Alipay as their payment method. Alipay, instead of transferring the money directly to the merchant’s Alipay account, keeps the money as escrow and informs the merchant that the consumer has made the payment. At this specific point in time, neither the merchant nor the consumer is responsible for the escrowed amount. The merchant delivers its product to the consumer. The consumer receives the product and confirms this in their Alipay account. Alipay receives the consumer’s confirmation and sends the money to the merchant.