Alipay becomes top m-payment platform

Yoko Wang
Retail Tech Innovation
Alipay, the online payment unit of China's largest e-commerce company Alibaba Group, has become the biggest mobile payment company in the world, it said on Saturday in a message on its Sina Weibo microblog.
 
The country's largest third-party payment company had nearly 300 million registered users with 12.5 billion transactions by the end of 2013, according to statistics released by Alipay.
 
Alipay processed total mobile transactions of around 900 billion yuan ($150 billion) in 2013, outstripping the combined volume of US counterparts Paypal and Square, which was about $50 billion last year.
 
During the Chinese Spring Festival, Alipay Wallet users made over 100 million transactions by mobile phones, accounting for 50% of total online payment deals.
 
Alipay Wallet was used by more than 50 million users to pay for shopping, cab fare, repayment and its investment product Yu'E Bao, the company said.

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