Date
22 September 2017
In the 10 years since its founding, Alipay has handled 42.3 billion deals. Photo: Bloomberg
In the 10 years since its founding, Alipay has handled 42.3 billion deals. Photo: Bloomberg

Mobile payment driving Alipay deals

Alipay, the third-party payment unit of Alibaba Group Holding Ltd., gets more than half of its business from mobile transactions.

It has more than 300 million users, of whom 54 percent use a mobile device to access its payment service, up from 22 percent at the end of 2013, the Hong Kong Economic Journal reported Tuesday.

In the 10 years since its founding, Alipay has handled 42.3 billion deals worth a combined 20 billion yuan (US$3.24 billion).

Tibet has the highest ratio of mobile payments at 62 percent, followed by Shaanxi and Ningxia provinces.

Guangdong is No. 1 across mainland China by transaction value, with Zhejiang and Shanghai in second and the third place, respectively.

Meanwhile, market research firm Canalys said Alibaba may invest in Xiaomi Inc., maker of the eponymous handset that is shaking up the Chinese market, using part of a planned US$8 billion bond issue.

A deal would allow Alibaba’s self-developed operating system YunOs to be loaded to the widely popular smartphone and used extensively across China.

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VW/JP/RA

Freelance journalist

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