Alipay - Competitor Profile

Alipay - Competitor Profile

Summary

Launched in 2004, Alipay is among the leading alternative payment services providers (PSP) globally. It is a subsidiary of Ant Group, 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.

Alipay is accepted in more than 110 countries, allowing Chinese tourists to make payments in Chinese yuan renminbi and settle the amount in 27 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 ecommerce sites. Over 80 million merchants accept Alipay as a payment method in their stores. Alipay is also available as a payment option for transport in over 700 cities and towns across China, as well as in countries including South Korea, Hong Kong (China SAR), Singapore, Malaysia, the US, Italy, and Australia.

Alipay continues to focus on expanding its overseas merchant acceptance network. In February 2023, it partnered with Australia-based PSP epay to offer Alipay’s cross-border payment solution Alipay+ to epay merchants in Australia. Previously, it partnered with PSP Razer Merchant Services to integrate Alipay+ into Razer’s platform in Malaysia in April 2022.

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 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 April 02019, Alipay launched Dragonfly 2, an upgraded facial recognition-powered POS device.
• In November 2021, AlipayHK collaborated with Standard Chartered to launch the Q Credit Card in Hong Kong (China SAR). The card is available both in virtual and physical form and can be applied for within the AlipayHK app.
• In February 2023, Alipay partnered with Australia-based PSP epay to offer Alipay+ to epay merchants in Australia.

Reasons to Buy

• Gain insights into Alipay 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.