Global service to allow consumers in mainland China to buy directly online from global retailers
HONG KONG: A whole new world of online shopping has been opened up for China's leading emerging new rich. The country's leading online payment service, Alipay (a subsidiary of Jack Ma's Alibaba Group), on Tuesday launched a new international service that will allow consumers in mainland China to buy directly online from global retailers.
Announcing the launch in Hong Kong, Alipay president Jonathan Lu said, "China's consumers can now shop around the world without leaving their homes. To buy the latest products from Paris, London, New York and Hong Kong, all that a China consumer needs is an Internet connection and an Alipay account."
Most Chinese nationals cite shopping as one of the major reasons for wanting to travel abroad. MasterCard reckons that 19 million travelers will travel overseas from mainland China in the second half of 2007 alone.
The new service, the first of its kind in China, enables transactions between Chinese consumers and overseas retailers in renminbi and 12 major foreign currencies.
At the first level, Alipay has partnered with a handful of international retail chains, but expects to expand its list to over 100 retail websites by the end of the year. "We're inviting the world's leading retailers to partner with us to help bring foreign products to China's consumers," Lu said.
Recounting Alipay's rapid emergence as the online payment standard in China's fast-growing e-commerce sector, the iconic Jack Ma said: Our mission is to make it easy to do business anywhere.
Alipay's trusted online payment service plays a vital role in fulfilling that mission. Now that Alipay is China's most popular online payment system, it's a natural step for us to expand the service globally."
Alipay has over 48 million users in China, and as many as 7,80,000 daily transactions accounting for a transaction volume of RMB 150 million ($20 million).
The company reckons that the new international service will account for transaction volumes of RMB 800 million ($110 million) a month by 2007-end.