What is Alipay?
Alipay is a professional financial service platform developed by Alibaba Group, it was first born as a supplementary financial function of Taobao, the dominated e-commerce platform in China, in order to solve the trust issue between internet buyers and sellers. With the expansion of Taobao and other products of Alibaba Group, Alipay quickly grow as one of the most popular third-party payment solutions in China.
How does Alipay work?
With more than 1 billion users across the world and 320 million daily active users, Alipay owns 54% of China mobile payment market. By accepting Alipay in your business, you will reach a huge number of potential Chinese consumers.
Alipay offers online payment gateway for e-commerce and offline QR code payment. POS terminals are available for offline vendors for a better experience.
Alipay users could scan the merchant QR code provided by Globepay to make a payment, money will come out of their Alipay wallet directly and settled to your bank account following the pre-determined settlement cycle.
What is the difference between Alipay and WeChat Pay?
WeChat Pay is a sub-function of WeChat APP, a China social network platform. WeChat mainly focus on the communication between users, therefore, is better at building brand image and customer loyalty, whereas Alipay more focus on the financial service, such as money investment (Yu’E Bao), credit rating (Sesame Credit), personal credit line (HuaBei), etc.
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