Alipay

from Wikipedia, the free encyclopedia
Hanbao China Holding Limited

logo
legal form Limited
founding 2004
Seat Shanghai , China
management Eric Jing (CEO Ant Financial)
Branch Financial services
Website intl.alipay.com
As of January 10, 2019

Alipay ( Chinese  支付 宝 , Pinyin zhīfùbǎo ) is a Chinese online payment system from the Alibaba Group . With more than 520 million users worldwide, Alipay is the largest payment and lifestyle platform and has a market share of more than 50% in online business in China. According to Alexa ranking, it has been one of the 50 most popular sites on the Internet since July 2017 . Alipay records more than 100 million transactions per day. Alipay was founded in Hangzhou in 2004 by the Alibaba Group and its founder Jack Ma .

history

Alibaba founder Jack Ma at the 48th annual meeting of the World Economic Forum 2018

Jack Ma described the motivation for founding Alipay as follows: “The problem with online payments was that there was no real standard for online payments in China. The problem is that each of the state banks wants to create its own standard and is therefore not ready to cooperate with one another. ”Another problem was the lack of trust between buyers and sellers. With Alipay, an online payment system was developed that manages the money in trust: The customer orders the goods and pays for them with Alipay. Only when the delivery has reached the customer does the seller receive the requested amount from Alipay. On October 18, 2003, Alipay was started as a test run and offered as a payment method on the Internet auction platform Taobao . The following year, Alipay was established as a subsidiary.

The service was first offered on Alibaba.com (since 2004). In 2011, Alipay was one of the first companies to receive a third-party license from the central bank. This license enables Alipay to process foreign exchange transactions, internet payments, mobile payments and payments with debit cards. In 2013, PayPal's mobile transaction volume was $ 27 billion, while Alipay's was nearly $ 150 billion. Alipay had replaced PayPal as the largest online payment platform in the world.

In the same year, there were 5,000 taxis in Beijing that accept Alipay as a payment method.

A cooperation with Wirecard has existed since 2015 to offer Chinese travelers the familiar, domestic payment method in Europe . To do this, Wirecard is integrating the alternative payment method into the POS systems of retailers such as B. Printemps , The Body Shop or Rossmann . This system has been introduced in Greece , also by Wirecard, via the National Bank of Greece since 2017 . In 2015, the company also announced at CeBIT that it would be introducing facial recognition , the so-called “smile to pay”. Since 2017, the branch of a fast food chain in Hangzhou has been able to pay using facial recognition. The camera at the terminals scans the face of the customer, who then has to enter his mobile phone number to confirm. This process is possible without a smartphone. According to Alipay, this technique can even distinguish a real person from a photo or video. In the first six months of 2017, eight trillion transactions were made via mobile online payment systems, Alipay covered half of that. PayPal recorded roughly half a trillion transactions in the same period. On Chinese Singles' Day 2017, Alipay processed 1.48 billion payments in a single day, with up to 256,000 payments per second. According to information from the Beijing Central Bank, a total of almost 28 trillion euros is said to have been transferred via smartphone in China throughout 2017. SIX Payment Services is introducing the payment solution to over 110,000 merchants in Switzerland and Europe.

At the beginning of 2019, it became known that Alipay had been recognized as an e-money institution in the EU.

Mobile payment

With mobile payment using Alipay, payment is made at the POS terminal using a QR code generated by the Alipay app . The application is available for Android , iOS and Windows Phone . In the mobile payment sector, Alipay is the absolute market leader in China with a market share of 80%. Alipay saves its Chinese tourists having to exchange currencies and offers the Chinese far better exchange rates - than Mastercard and Visa - in the Chinese currency Renminbi (RMB). A Chinese bank account is required to use Alipay. Payments abroad are subject to strict exchange controls. The basic principle of Alipay on websites on the Internet works as follows in seven steps:

  1. The buyer selects the product.
  2. The buyer transfers the requested amount to Alipay.
  3. Alipay informs the seller about the issue of goods.
  4. The seller issues the goods to the buyer / sends the goods to the buyer by post.
  5. The buyer receives the goods and notifies Alipay.
  6. Alipay pays the seller the requested amount.
  7. The transaction is complete.

Alipay acts as an escrow account that manages the money until the transaction is completed with the delivery of the goods to the customer.

operator

Alipay is a service of the Ant Financial Services Group (Chinese: 蚂蚁 金 服, Pinyin: mǎyǐ jīn fú), formerly Zhejiang Ant Small & Micro Financial Services Group, which belongs to the Alibaba Group . This subsidiary of the Alibaba Group was founded in October 2014 in Hangzhou. The Ant Financial Services Group wanted to take over the American financial company MoneyGram . However, the purchase was not approved by the US authority CFIUS in 2018 because of security concerns. Ant Financial is not only the highest-rated fintech company in the world, but also the most valuable unicorn company (start-up) in the world at 150 billion US dollars .

criticism

Due to the extensive networking with other services of the parent company and sister companies as well as in-depth Big Data evaluation, which goes far beyond what is permitted in Europe under data protection law, its use in Europe has been criticized. In addition, there is the planned and partially already implemented implementation of a social ranking system in China, which is intended to have far-reaching effects on the options for action of those affected. Even if the transactions in Europe should comply with European rules, the non-European, especially Chinese, partners are recorded and assessed accordingly. Rumor has it that Alibaba was said to have shared its customers' payment details by name with the Chinese government from week one . At first voluntarily, and then again and again. In addition, at the beginning of 2018 it became known that Alibaba was using Alipay's data to create creditworthiness profiles without the knowledge of the users, which the company then sold to other companies.

International expansion

Abroad, Alipay is intended as a payment method for Chinese citizens to make it easier for them to shop abroad. More than 80,000 retail stores worldwide accept Alipay. The company is currently focusing on expanding its services in the USA , Indonesia , the Philippines , South Korea , Brazil and Russia . According to its own information, Alipay works with more than 65 financial institutions , including Visa and MasterCard.

Hong Kong and Macau

Since 2017 there has been "AlipayHK" in Hong Kong , a joint venture between Alibaba and CH Hutchison. Transactions here are processed in Hong Kong dollars. Alipay has also been available in Macau since the beginning of 2018 .

Singapore

In August 2017, the company announced that it would soon also be active in Singapore . So far, Alipay has signed contracts with 300 merchants. The local partner is CCPay.

Japan

Alipay has been operating in Japan since 2015 . In November, 38,000 sellers already accepted the online payment system. In September 2018, Alipay is a cooperation with Yahoo! Japan entered.

Germany

Alipay is accepted by 10,000 retailers in Europe. In Germany there are about 2,000, including Rossmann (since 2017), Breuninger (since 2018), WMF Group , Ludwig Beck am Rathauseck , Kaufhof (since November 2018), dm-drogerie markt (since July 2019) and at the Munich airport are used .

Web links

Individual evidence

  1. ↑ Name change: AliPay becomes Hanbao . Retrieved January 10, 2018
  2. ↑ AliPay (China) Internet Technology Company Limited: Private Company Information - Bloomberg . Retrieved June 9, 2018
  3. ↑ Adyen cooperates with Alipay worldwide . Handelsblatt , October 10, 2017, accessed on November 7, 2017.
  4. ↑ a b c Alipay for one year in Germany: expectations significantly exceeded . In: www.pressebox.de, accessed on November 7, 2017.
  5. ↑ Alipay payment method. Retrieved April 9, 2019 .
  6. ^ Erismann, Porter: Alibaba's World: How a remarkable Chinese company is changing the face of global business. St. Martin's Press, 2015, ISBN 978-1-250-06987-0 , pp. 90 f .
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  8. ↑ Shiying, Liu & Avery, Martha: "Alibaba: The Inside Story behind Jack Ma and the Creation of the World's Biggest Online Marketplace" 2009, p. 215.
  9. ↑ Lee, David & Deng, Robert: "Handbook of Blockchain, Digital Finance, and Inclusion." 2018, Volume 2, Academic Press.
  10. ↑ (May 26, 2011), https://www.reuters.com/article/us-alipay/alipay-gets-licence-to-set-up-e-payment-system-idUSTRE74P26120110526 , Reuters.
  11. ↑ Heggestuen, John (February 11, 2014), https://www.businessinsider.de/alipay-overtakes-paypal-as-the-largest-mobile-payments-platform-in-the-world-2014-2?r = US & IR = T , business insider.
  12. ↑ Shum, Yogwoon & Shin, Dong-Hee: "Analyzing China's Fintech Industry from the Perspective of an Actor-Network Theory." 2018, pp. 168–181.
  13. ^ Frankfurter Allgemeine Zeitung GmbH: Alipay: At Rossmann, the Chinese can now pay by mobile phone. April 9, 2017. Retrieved November 12, 2017 .
  14. ↑ OTS: Wirecard AG / Wirecard and the National Bank of Greece bring Alipay. Onvista , April 12, 2017, accessed November 10, 2017.
  15. ↑ Holland, Martin (September 4, 2017), https://www.heise.de/newsticker/meldung/Smile-to-Pay-von-Alibaba-Restaurant-in-China-erlaubt-Bezahlung-per-Gesichtsgewinn-3820935 .html , heise online.
  16. ↑ Ankenbach, Hendrik (February 15, 2018), China's answer to PayPal, FAZ.NET.
  17. ↑ Jack Ma has fulfilled his Chinese dream with Alibaba and is now stepping down. In: Neue Zürcher Zeitung. September 8, 2018, accessed September 13, 2018 .
  18. ↑ (May 30, 2018), Furioser IPO of Alipay, FAZ, No. 123, p. 22.
  19. ↑ SIX paves the way for traders to visit China's tourists. Handelszeitung , November 10, 2017, accessed on November 10, 2017.
  20. ↑ Alipay becomes usable for Europeans In: handelszeitung.ch . Retrieved January 22, 2019
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  22. ↑ Shiying, Liu & Avery, Martha: "Alibaba, The Inside Story behind Jack Ma and the Creation of the World's Biggest Online Marketplace." 2009, p. 138.
  23. ↑ heise online: Data protection: Alibaba boss is not allowed to take over Moneygram .
  24. ↑ Ankenbach, Hendrik (February 15, 2018), China's answer to PayPal, FAZ.NET.
  25. ↑ Culpan, Tim (June 9, 2018), https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/king-of-unicorns-at-150-billion-valuation-ant-financial-is-almost -double-the-worth-of-uber / articleshow / 64517440.cms , The Economic Times.
  26. ↑ t3n digital pioneers: "Alipay is expanding: Why we can't allow that" .
  27. ↑ Ankenbach, Hendrik (February 15, 2018), China's answer to PayPal, FAZ.NET.
  28. ↑ Ankenbach, Hendrik (May 26, 2018), Learning from the Transparent State, FAZ, No. 120, p. 21
  29. ↑ Alipay payment method. Retrieved April 9, 2019 .
  30. ↑ Hoefer, Carsten (July 10, 2017), https://www.stern.de/wirtschaft/news/endung-und-alipay--chinesische-bezahlmethoden-erobern-deutschland-7531556.html , Stern.
  31. ↑ (September 26, 2017), https://www.reuters.com/article/us-hong-kong-ant-financial/chinas-ant-brings-in-ck-hutchison-as-hong-kong-payments- partner-idUSKCN1C11EQ , Reuters.
  32. ↑ Soo, Zen (August 19, 2017), http://www.scmp.com/tech/china-tech/article/2095546/ant-financial-enters-hong-kong-market-alipayhk-mobile-wallet , South China Morning Post.
  33. ↑ U, Celia (January 30, 2018), http://www.macaubusiness.com/macau-mcdonalds-introduce-alipay/ , Macau Business.
  34. ↑ Tham, Irene (August 22, 2017) https://www.straitstimes.com/singapore/alipay-inks-deal-to-expand-cashless-payment-acceptance-points-in-singapore , The Straits Times.
  35. ↑ Allan, Gareth & Hagiwara, Yuki (December 20, 2017), https://www.bloomberg.com/news/articles/2017-12-20/alipay-pursues-chinese-tourists-in-hard-to-crack- japanese-market , Bloomberg.
  36. ↑ Mitsuru Obe and Akihide Anzai: Alipay partners with Yahoo Japan to expand mobile payments reach. In: asia.nikkei.com . September 5, 2018, accessed December 3, 2018 .
  37. ↑ Kanning, Tim (April 9, 2017), http://www.faz.net/aktuell/finanzen/digital-bezahlen/alibaba-startet-bezahldienst-alipay-in-deutschland-14962483.html , FAZ.
  38. ↑ (June 30, 2018), http://www.xinhuanet.com/english/europe/2018-06/30/c_137290864.html , xinhua.
  39. ↑ Matthias Kamp: Alipay payment app: Alibaba is expanding in Germany. In: Economic Week. June 21, 2017, accessed December 18, 2018 .
  40. ↑ a b Nikolas Kessler: That is why Wirecard relies on Chinese payment platforms such as Alipay. In: The shareholder. November 29, 2018, accessed December 18, 2018 .
  41. ↑ Volker Briegleb: Kaufhof accepts Chinese Alipay as a method of payment . heise.de. November 21, 2018. Retrieved November 24, 2018.
  42. ↑ Mobile Payment: dm lets you pay by Alipay. In: Lebensmittelzeitung.net. July 1, 2019, accessed July 1, 2019 .