Alipay: China's Largest Payment Platform

Diego Katzman

By Diego Katzman. Follow: Linkedin Facebook Twitter
Published 24/06/2020

Do your costumers use Alipay as a payment method? Are you trying to include it in your options and facilitate the payment process of your foreign clients?

If so, you will know the advantages this implies: higher conversion rate, customer satisfaction, confidence in your online business, etc. But if you still do not have this popular payment method among Chinese consumers, this may be a good time to start working with it. We invite you to join us in this post and discover what the largest payment platform in China is.

The best is yet to come. Let's start!

alipay-

What is Alipay?

It is a mobile payment service belonging to the Chinese consortium Alibaba. Since its creation in 2004, it has become the most widely used mobile payment platform in China. Alipay is very easy to use and offers great security to consumers, so the fact that more than 600 million Chinese users have already included it as their favourite payment method is no coincidence. In addition to being a completely secure online payment method, it also provides all type of services but with a more financial component, unlike WeChat Pay, a platform with a social focus. Do you remember it?

Alipay is part of one of the latest technological revolutions in China, which has completely changed everyday life for many people: mobile payments!

This platform has been implemented almost throughout society, from shopping centres to small retailers, e-Commerce and taxi drivers. Thanks to these sorts of applications, cash is gradually decreasing in our purses and pockets, while consumers enhance security of their payments. Most make their purchases from the mobile phone and use Alipay because it is fast, convenient and simple.

It has a scanner for the QR code, allows us to generate our own code to be scanned and offers a wide range of financial services: loans, monetary investment funds, credit based on a social ranking, insurance, payment of electricity and water bills, take-away food, accommodation search… In addition, the application provides the option of My Packages, from where you can check the products you have bought in e-Commerce. In short, everything is centralized.

At PayXpert, we implement Alipay in the payment methods offered by your electronic commerce.

 

Why to include Alipay in the payment methods of your online shop?

By having your online store in Alipay, you will appear on the page of the city where you are, allowing to be found much faster and easier by users.

  • You will attract more Chinese customers to your business with fast, easy and smart payments. 
  • Your clients can easily pay from their mobile phones, optimizing the way of payment for any type of product and service. 
  • You will offer different financial services to your users by means of Ant Financial, Alibaba's Fintech: Yu Ebao, an investment fund; fast transactions; loans; etc.
  • This centralizes in a single place a great diversity of services not only financial, but also to pay in restaurants, small shops, recharge mobile phones, make transfers, pay bills, as well as many other options.
  • You will your e-business to more than 600 million consumers. 
  • You will simplify and speed up the payment method of your products without any extra cost of exchange rate. 
  • You will monitor in real time. 
  • You will have a support team in marketing promotions.

Your Chinese clients use it because Alipay is a very broad ecosystem of financial services, from which they can perform all their actions. The Chinese e-commerce giant's platform is reliable, secure, and avoids carrying cash. Some already consider it as the new Chinese PayPal. Do you want to know the solutions adapted to your business to start receiving payments?

Tell us all your doubts.

 

How to implement Alipay in your business?

Some payment gateways like PayXpert make it easier for you to implement the payment methods your business needs. In our case, we are official partners of the largest payment platform in China and our entity is regulated throughout Europe.

  • We have knowledge of the Chinese payment market.
  • We have more than 100 alternative payment methods integrated into our platform. 
  • We have innovative and secure technology to receive payments. 
  • And we have promotional campaigns available on Alipay to gain visibility on the platform (coupons or discounts).

Your e-Commerce needs to be there where your customers demand it. We are here to help you take the plunge.

 

 Alipay: in summary…

The future is promising. Although mobile payments are widespread in China and other parts of the world, its growth is unstoppable and, in fact, new payment systems based on facial and voice recognition are already being developed. Moreover, some stores in Chinese cities are already applying these advances, which link faces to the corresponding Alipay accounts. Can you imagine ordering a coffee and paying the bill with a photo in seconds?

Recent news also prove that Alipay will help 10 million European merchants reach more than 2 billion consumers in the next five years. This was the main objective discussed during the Alipay Partners Global Summit held last November in London. Offering various payment methods in your online shop will allow you to anticipate client needs. However, 50% of your customers will end their purchase, if they do not see their favourite payment system available among your options.

With PayXpert, you can have the perfect formula to boost your sales. If a transaction is left on hold or fails, it can always be redirected to another option to increase the conversion rate.

Do you dare to take the jump? With PayXpert you will benefit from innovative payment technology.

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