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.