Alipay is now the biggest payment provider in the world, even bigger than PayPal. According to China Daily they now have more than 500 million registered users and process 7 million transactions a day, which equates to $302 million per day in payments processed. This compares to PayPal’s latest figures of 230 million accounts (of which some 90 million are active) and $22 billion processed in the third quarter of 2010.
Two years ago Alipay had 100 million registered users with 2 million transactions per day so are growing fast, however they are only just getting started and most of their transactions are still from Chinese buyers. Alipay aim to expand their international transaction volume, which is low, rapidly over the next year.
Alipay is a subsidiary of Alibaba, who have recently acquired Auctiva and Vendio. With their move to acquire businesses in the west whose customers operate on eBay and Amazon they have a ready source of new merchants to purchase from Alibaba and this can only increase overseas payments for Alipay.
10 Responses
Thats where eBays main threat comes from. Its interesting to see how they develop so everyone who sells on eBay can keep up with the changing times. They could do everything a lot cheaper and take eBays customers away. Or they could expand further into Europe and fragment futher the marketplace plateform adding to competition.
Wow
I wonder if they do 21 day holds ?
Thinking about the announcement elsewhere about Tesco. Tesco of course operate in China and have a Banking arm and their announcement talked about software that works. Obviously the Chinese have got their software to work and are probably eyeing up Europe. So how about a link-up between Alibaba and Tesco? Its just a thought but I wonder what such a link-uip would do to the American ebay, Amazon, Paypals of this World????
There is only a little bitsy problem with the great Yellow star/+ red march.
Once it is easy for chinese sellers to ship their stuff around the world cheap, the final bit of western consumerism will be in their hands.
They have all the rest, ie; most of the worlds manufacturing, now with Alipay, here comes the Mail Order army.
The there will be nothing left for us in the West to do SHORTLY…!!
Except to sweep the streets.
That is why I think the Chinese have kept their currency low.
Take over the world’s manufacturing, then they can put their prices up, and the west can no longer start up factories, as all the expertise will have been lost.
Its not the expertise its the Political Will and more to the point the Finance. At the present rate the West weill be Bankrupt as all the money will have flowed East to pay for all the plastic trinkets.
I think that as Europe drops down the legue of wealthy nations, the east will take the west’s place in the world. All the big high tech industries will be based in the east and most of the manufacting will be based in the west where it will then be cheaper to produce, like a role reversal of what the world is now. But then again, what do I know as I can’t even spell legue?
@Warren
You may be right, but it will probably take 100 years for our wages to go down and their wages to come up to our level.
By that time you and I will not be worried about it.
But I hope it happens quicker.