Alibaba’s division Alipay has hit a milestone, with the number of registered users stretching past 100 million in August 2008. At the end of the afore-mentioned month, the online payment services provider registered 2 million transactions each day and a daily payment volume of RMB450 million (EUR 45.3 million).

As part of partnerships with domestic Chinese banks to provide an escrow service for payments, Alipay allows for individuals and businesses in China to execute payments online, reducing the settlement risks that Alipay’s customers face while making e-commerce transactions. AliPay guarantees all transactions made via the AliPay escrow system and reimburses any buyer or seller who has utilised the system and has become a victim of fraud. Since 2004 Alipay has been involved in many alliances in the electronic payment domain with domestic commercial banks including the Industrial and Commercial Bank of China, Agricultural Bank of China, China Construction Bank, China Merchants Bank and Pudong Development Bank, as well as with organisations such as China Post and Visa.

Source: ThePaypers