When it comes to introducing cashless transactions to new markets across the world, Visa is usually the pioneer. Not so in China, however, according to Visa’s Chief Financial Officer Vasant Prabhu: Normally we go into countries, and we are the ones who are out there, doing the missionary work inRead More
Post Tagged with: "Alibaba"
Payments is a great business to be in — in China, that is. The Chinese e-commerce giant JD.com announced it is considering the sale of its internet finance unit, JD Finance, “in order to facilitate its development in certain licensed financial service businesses in China, and to take advantage of theRead More
During the first two hours of the annual 11/11 Global Shopping Festival, or Single’s Day as it is more commonly known, the Alibaba Group generated just about $7 billion USD of GMV within the first two hours of the holiday. Alipay transactions accounted for 84% of that total amount. Alipay isRead More
HONG KONG — The numbers are in “holy *$#%” territory. “The numbers” are for e-commerce sales in China, and they are astounding. In the first two months of 2016, China’s online retail sales hit $98.2 billion, an increase of 27% over the previous year. That puts it on pace to hit around $590Read More
The name might indicate something small, but Ant Financial is anything but. The spinoff of Alibaba is valued at over $50 billion and plans to raise a heap more, according to the Wall Street Journal. As China’s highest-valued internet finance company, Ant Financial Services Group will raise 20 billion yuan ($3.1 billion) on aRead More
PayPal is to eBay as Alipay is to Alibaba. Only on steroids. To heck with Super Bowl ads — the coolest alternative payments company on the planet is Alipay. So China’s economy is stalling. So regulation gives Alipay advantages over even MasterCard and Visa. Alipay is a payments startup onRead More
There are still Christmas leftovers in the refrigerator, but already it looks like the 2015 holiday season will go down as a momentous one for digital payments. Amazon reported today that nearly 70% of Amazon.com customers shopped using a mobile device this holiday season, while customers shopping on the company’s mobileRead More
When China’s largest payments processor makes partnership overtures, they deserve notice. That’s what happened today, when Alipay, which has about 700 million registered accounts, said it wants to partner with PayPal, in addition to its ongoing talks with Apple to join Apple Pay.
Bits don’t stop at borders. Bits also don’t stop at category boundaries. Retailers and banks both serve consumers and process payments. For most of the 20th century retailers and banks were partners. In the 21st century digital age, both have to get used to the more complex cooptition reality. BankersRead More
EBay is not eBay without PayPal, and the same appears to be true for Alibaba and Alipay, but with one major caveat: Alibaba doesn’t own Alipay anymore. As Alibaba heads for an initial public offering, the role Alipay plays — and it is a confusing one — in the futureRead More