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Alipay - Competitor Profile

Alipay - Competitor Profile

Summary

Launched in 2004, Alipay is the largest alternative payment service provider globally in terms of transaction value. It is a subsidiary of Ant Financial Services, which is controlled by Alibaba Group. Alipay allows users to make fund transfers as well as online, in-app, and in-store payments at home and abroad. It is the primary method of payment for Alibaba's online marketplaces, including AliExpress, Tmall, and Taobao. In FY 2020 ended March 31, almost 70% of gross merchandise value in 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 and hospital costs. Over 40 million Chinese merchants accept Alipay as a payment method in their stores.

Alipay is accepted in more than 110 countries, allowing Chinese tourists to make payments in Chinese yuan and settle the amount in 27 international currencies. Outside of China, Alipay's strategy involves onboarding overseas merchants wherever Chinese tourists are likely to shop. As part of its expansion it has partnered with over 250 overseas financial institutions and payment solutions providers. This has made the service accessible to Chinese tourists in overseas countries, as well as to foreign customers who purchase products from Alipay-partnered Chinese e-commerce sites. Alipay is also available as a payment option for transport in over 120 cities across China, as well as in countries including South Korea, Hong Kong, Singapore, Malaysia, the US, Italy, and Australia.

The report provides information and insights into Alipay including -
- Detailed insight into its business
- Comprehensive coverage of its products and services
- Comparative assessment with key alternative payment solutions
- Information on its performance, including its revenue model
- The company's important events and milestones

Scope

- In December 2004, Alipay launched in China.
- In June 2014, Alipay launched international money transfers.
- In May 2020, Alipay launched an in-app mini program, enabling Alipay users to watch livestream channels on e-commerce platform Taobao within the Alipay app.
- In July 2020, Alipay partnered with mobile operator Vodacom Group to develop a payments app allowing consumers and SMEs in South Africa to shop online, pay bills, and transfer money.

Reasons to Buy

- Gain insights into Alipay's business operations and key events.
- Gain insights into its product portfolio and revenue model.
- Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
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Alipay - Competitor Profile
Published By :GlobalData
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