Alibaba Group Holding is considered as the most disruptive company in the Chinese tech sector. Ever since its inception, it is winning the game in its country with plans to conquer overseas markets as well in the near future. Immense growth has been noticed in recent times; hence, after conquering the Chinese market already, it is tapping on the world’s largest economy, the United States.
As far as China is concerned, the company is not only winning the e-commerce game but mobile payments game as well; the Chinese e-commerce giant introduced AliPay in 2013, which is an online payment service of Alibaba Group that has changed the paradigms of online shopping and made it more convenient for its users.
The world is advancing in technology largely and due to this, online mobile payments are gathering the pace throughout the world. It made a great impact in China, where now people mostly rely on online mobile payments. Hence, Alibaba is all set to take a bold step ahead and aim for the gold with AliPay, which currently has more than 350 million users registered to its platform along with 270 million active users monthly.
Furthermore, the company managed to defeat its United States’ counterparts. Talking about digital wallets and mobile payments, PayPal, who was previously a unit of eBay, now has around 162 million active users monthly. As The Street reports, “Alipay Wallet, which can be used for e-commerce purchases and in physical stores, has grown on the backs of more than 289 million monthly active users, who increasingly use it as opposed to entering in a credit card number.”
According to the Vice President of company’s financial arm, Fan Zhiming, said, “Alipay was established in 2004, initially to support escrow payment for Alibaba's online marketplace transactions. Mobile payment is becoming more important, especially the younger generation, and they make up a great part of Alipay users. So it is important that we develop our mobile payment capabilities via Alipay Wallet.”
So far, credit cards are not that popular or widespread in the Chinese market and not many people have access to these credit cards. Thus, an online mobile payment system, such as AliPay, is a proper solution for the nation to provide a huge relief to customers to avoid the need of big stacks of cash with them all the time.
The Chinese e-commerce giant has ‘disrupted’ the tech industry of the world by providing a great online marketplace platform to its people.
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