With a customer base 400 million strong, Alipay alone represents 50% of all online shopping in China. As the number of Chinese tourists in Europe increases by 100% annually, this tool is offering a wealth of business opportunities for retailers and e-merchants.
An ultra-simple virtual wallet
From taxi fare to the water bill, to purchases in small shops, or traffic tickets—online as well as in the physical world—Alipay can be used for almost any transaction. Such incredible flexibility puts this e-wallet at the centre of daily life in China. Witness the staggering figures: over 175 million transactions per day, peaking at one billion orders processed on 11th November 2016, dubbed “Singles Day,” a huge shopping fest organised by Ali Baba since 2009.
Whether as a mobile or a PC app, Alipay is a cinch to use. To take advantage of its features, users simply register on a dedicated web page and create their profile. On the retailer end, payment is made by using a QR code. Once the retailer activates the customer’s virtual wallet, he or she simply has to enter the Alipay password to complete the transaction, and the sum is released.
Besides making the payment step easier all round, the “super” wallet boasts actual intelligence through different apps, making it possible to calculate the financial health of users as well as their payment habits. Based on a given score, consumers can enjoy additional benefits, such as a credit line awarded in record time (through Zhima Credit and Hua Bei!) or access to savings plans such as Yu’eBao which, since 2017, is the world’s biggest private fund management company with over USD 165 billion in assets. Most recently, Alipay has gone as far as integrating into its app a module for making contributions to a Chinese reforestation programme.
About Jordan Graison
As a specialist in the Asian market, Jordan is responsible for the development of Limonetik’s international sales strategy in the B2B online marketplaces. He started his professional career as a sales representative at AVIAREPS, a general sales agency (GSA) in the airline and tourism industries, after completing a degree in Korean studies at the Seoul National University in conjunction with the French National Institute for Oriental Languages and Civilizations (Institut National des Langues et Civilisations Orientales ) in Paris.
Before joining Limonetik, Jordan worked for MoneyGram International, a leading US-based provider in money transfers, first as Operations Executive and then as Business Development Executive, Strategic Accounts.