What Is Alipay? The Final FAQ Information to Alipay

On this Final FAQ Information, we are going to cowl all features which is likely to be helpful to you, together with Alipay’s options, story of Jack Ma, and so on.

In case you are a Shopify dropshipper, Amazon vendor, or vendor of different E-commerce platforms, the temporary introduction of Alipay right here will facilitate what you are promoting associated to the Chinese language market.

If you happen to intend to rent a skilled dropshipping agent like NicheDropshipping to supply merchandise from the Chinese language market in a simple and cheap method, some data about Alipay will probably be useful.

Let’s start!

What Is Alipay?

As an Web-based third-party cost software program, Alipay was formally launched on December 15, 2003, and firstly solely served as a useful division of E-commerce cost for Alibaba Group.

At this time, Alipay is not a single-purpose software of cost. It has developed right into a complete platform incorporating features like cost, life companies, social community, wealth administration, insurance coverage, public welfare, and so on.

Alipay’s function within the Chinese language market is comparatively just like that of Paypal within the world market.

Nonetheless, Alipay maybe emphasizes extra on FinTech, which has been a really fashionable phrase all around the world lately, compared to Paypal or WeChat Pay.

In different phrases, Alipay additionally receives capital deposits from, and grants loans to its 1.3 billion world customers, on the idea of the large quantity of transaction data and private credit score scores, and so on, saved in Alibaba’s Cloud Computing Middle.

Within the first decade of the twenty first century, Alipay and Alibaba Group had developed quickly and efficiently, as Paypal and eBay Group had completed throughout the identical interval.

In June 2011, Jack Ma, founding father of Alibaba Group, made the choice to separate Alipay from Alibaba Group, with a view to purchase a enterprise license of Web-based cost from the Chinese language authorities.

A brand new enterprise entity, Ant Monetary Group, was then established for impartial operation of Alipay.

At current, by embracing the worldwide pattern of FinTech, Alipay has change into one of the profitable E-commerce software program on the earth.

Figure 1 Jack Ma and Alibaba Group
Jack Ma, the founding father of Alipay and Alibaba Group. Forbes

Can I Belief Alipay?

Sure, you possibly can belief it. Alipay is the official cost software program of Alibaba Group, which is the world’s largest E-commerce platform, instantly following Amazon Group.

As well as, after a few years of fast growth, Alibaba Group and Alipay have collected a large amount of helpful expertise in Web safety points, in addition to infrastructure deployment, home and world enterprise operations, and so on.

“The worldwide pattern of cyber safety is to arrange a complete framework for prevention and management of dangers like laptop virus or hacker intrusion,” stated Chen Luobin, a senior technician of laptop safety working for Alipay.

The good risk-control system of Alipay is AlphaRisk, which is characterised by Interactive Danger Administration, and incorporates practically 500 quantitative methods and 100 danger fashions, which give 7×24 real-time danger detection and transaction safety.

You’ll be able to belief Alipay and Alibaba Group, as you belief Paypal and eBay Group.

In line with Web Tendencies 2018, a report launched by Mary Meeker, Alipay (Ant Monetary) and Alibaba Group respectively ranked on the ninth and sixth locations, whereas Paypal and eBay Group respectively ranked on the twelfth and 18th locations.

Figure 2 The Worlds Top 20 Largest Tech Giants
Visible Capitalist

Who’s Jack Ma, the founding father of Alipay and Alibaba Group?

Figure 3 Jack Ma Playing Monkey
As an adolescent, Jack Ma was enjoying Monkey Boxing, a standard Chinese language martial artwork, in entrance of his pals and guests, throughout his journey in Australia.  Alibaba

Jack Ma was born in Hangzhou, Zhejiang Province, China, on September 10, 1964. As a toddler he was outgoing and naughty, and was focused on studying English.

Later, he grew to become a superb pal of David Morley, an Australian trainer educating English in China, and his teenage son, Ken Morley. It was the Morley household that invited Jack Ma to make a protracted journey to Australia, which enormously broadened his horizon.

Figure 4 Jack Ma and David Morley Ken Morley
Jack Ma and David Morley, Ken Morley.  Alibaba

In 1982, after graduating from the highschool, Jack Ma took half within the Faculty Entrance Examination, however he failed for the primary time, as a result of he scored only one in Arithmetic (full rating being 100).

It appeared that the phrase “Arithmetic” didn’t convey luck to Jack Ma, and the great fortune dropped at him by English clearly couldn’t offset his full failure in Arithmetic.

Within the subsequent yr, Jack Ma made nice progress in Arithmetic, and this time he scored 19. Nonetheless, he failed once more within the Faculty Entrance Examination as a consequence of poor total efficiency.

In 1984, Jack Ma succeeded in being admitted into the English Division of Hangzhou Regular College, with a Arithmetic rating of 89, after collaborating within the Faculty Entrance Examination for a 3rd time.

After college commencement, Jack Ma had labored as an English trainer in Hangzhou Dianzi College from 1988 to 1995.

Figure 5 Jack Ma and His Colleagues 1
Jack Ma and His Colleagues (1). Alibaba

Jack Ma’s first try to start out up his personal enterprise was made in 1991, when he based  Haibo Translation Society, which nonetheless exists immediately.

In 1995, Jack Ma visited the US to take part in an funding undertaking of categorical freeway as an interpreter. It was throughout this time that his nice curiosity within the nice potential of the Web was aroused.

After returning to China, Jack Ma instantly began “China Yellow Pages”, an Web firm specialised in designing and constructing net pages and web sites for Chinese language enterprises.

Figure 6 Jack Ma and His Colleagues 2
Jack Ma and His Colleagues (2) Alibaba

In 1999, www.alibaba.com was launched, which geared toward offering B2B companies of worldwide commerce. The aforesaid area identify was purchased from a Canadian who had registered it two years earlier, at a value of 10,000 US {dollars}.

At the moment, Jack Ma and his enterprise companions (most of them being his college students) had raised a start-up capital of 60,000 US {dollars}.

It was a giant and tough resolution for them to spend one sixth of their start-up capital to purchase solely a digital and easy area identify like that.

Nonetheless, looking back, this was a sensible resolution, as a result of the Arabian story of “Ali Baba and the Forty Thieves” could be very well-known and well-known all around the world, and befits the spirit of exploring for enterprise alternatives all over the place.

In 2003 and 2004, Taobao, a home E-commerce platform which offered C2C or B2C companies to home prospects, and its cost software, Alipay, have been respectively launched by Alibaba Group.

Aliexpress, a world platform of on-line retail service, was arrange in April, 2010.

The subsequent yr, Jack Ma seperate Alipay from Alibaba Group and established Ant Monetary Group to independently function Alipay which has step by step developed right into a complete platform incorporating Web-based cost and FinTech immediately.

Figure 7 President Donald Trump and Jack Ma
President Donald Trump and Jack Ma. Information QQ

Jack Ma is a eager reader of Wuxia novels (novels associated to martial arts), particularly these written by Louis Cha (Jin Yong), and he alleged himself to be “good at combating with others whereas nonetheless being a toddler”.

When he was 13 years outdated, he grew to become a superb pal of a lot of foreigners residing in Hangzhou, and used to journey his bicycle and carry his international pals with it to make journeys all throughout the town on weekends or holidays.

At this time, Jack Ma is among the most prestigious and influential enterprise leaders in China and the world. He’s on the identical time a philanthropist, educator, Kung Fu participant, and powerful advocate of the social tasks of entrepreneurs.

Figure 8 Jack Ma the Kung Fu Player
Jack Ma, the Kung Fu participant. cnBeta

Evaluate Alipay to Paypal and WeChat Pay?

In line with a statistical report launched by EnfoDesk, on the finish of the first quarter of 2020, Alipay accounted for 48.44% of the market share, whereas WeChat Pay accounted for 33.59%, within the Chinese language market of third-party cost platforms.

Within the worldwide area, Paypal is taking an amazing lead. Let’s take the US market for instance.

In line with a 2019 enterprise report launched by Morgan Stanley, Paypal accounted for 77% of the market share, whereas Amazon Pay and Visa Checkout respectively accounted for 13%, 6%, so far as the High 500 E-commerce retailers have been involved.

Figure 9 Alipay v.s. Paypal and WeChat Pay

These days, Alipay has integrated a number of features, equivalent to Web-based cost, FinTech, life companies, and so on. Paypal and WeChat have additionally adopted related methods.

For instance, in case you are a loyal consumer of Alipay, and former data, equivalent to purchasing info, recommend that your credit score standing is sweet, Alipay is likely to be keen to grant you a credit score line of 10,000 US {dollars}, with comparatively low rate of interest.

If you happen to repay the principal and curiosity to Alipay in a devoted method, the credit score line may step by step be raised to fifteen,000, 20,000, and 25,000 US {dollars}, and so on.

On the identical time, Alipay gives its prospects with entry to a lot of funds, equivalent to Tianhong Fund, which might be bought straight, at annualized returns of roughly 2-5%.

In 2020, Alipay reported 1.3 billion lively customers, whereas the identical determine for Paypal was 346 million. Nonetheless, Paypal is extra globalized and covers a extra intensive space in the entire world. Alipay focuses extra on the home market of China.

WeChat Pay is much less  formidable in Fin-Tech. As a cost software embedded in WeChat, an immediate messenger which has attracted 1.2 billion Chinese language customers, WeChat Pay focuses extra on cost and life companies equivalent to electrical invoice and water invoice.

The place Can I Obtain Alipay and Use It?

As Alipay is a world-famous APP, you possibly can obtain it from mainstream APP platforms like Google Play, Apple Retailer, in addition to different platforms.

The next steps will information you on how one can set up and use Alipay:

Step 1: Obtain Alipay and Join with Your Cellphone Quantity

Figure 10 How to Use Alipay 1
Good Shanghai

Along with Google Play and Apple Retailer, you might also obtain Alipay from its official web site. Join with a sound cell phone quantity acquired in your nation or China.

Step 2: Add Your Financial institution Card

Figure 11 How to Use Alipay 2
Good Shanghai

Alipay helps mainstream bank cards equivalent to VISA, MasterCard, or JCB. You may additionally add a financial institution card or bank card acquired from Chinese language banks.

Step 3: Enter Your Financial institution Card Information

Figure 12 How to Use Alipay 3
Good Shanghai

At this step you’ll have to fill in your identify and different info like passport quantity to ensure that Alipay to confirm that the individual at the moment filling within the info is “you”, and never another person, via Massive Knowledge and Cloud Computing Middle.

Step 4: Affirm Your Cellphone Quantity and Different Information Registered with Your Financial institution

Figure 13 How to Use Alipay 4
Good Shanghai

At this step Alipay will confirm the data you present to these you will have registered on the financial institution. Ensure that the identify and cellphone quantity you enter are precisely the identical with these placed on file at your financial institution.

Step 5: Get pleasure from Buying and Different Providers Freely with Alipay

Figure 14 How to Use Alipay 5
Good Shanghai

With Alipay it is possible for you to to purchase scrumptious Beijing Duck from a restaurant close by, hire a PlayStation 4 to play video video games at a reasonable value of month-to-month rental, and even receive petty loans in case you are a foreigner with good credit score data.


Alipay is a helpful and reliable cost software program. In case you are doing any enterprise associated to the Chinese language market, it might be useful so that you can be taught one thing about Alipay, in addition to the distinction between Alipay and Paypal, WeChat Pay.

As well as, a short introduction of Alibaba Group and its founder, Jack Ma, would enable you to to amass a deeper understanding of E-commerce and dropshipping enterprise within the Chinese language market.

This FAQ Information has been compiled by NicheDropshipping, an expert dropshipping agent headquartered in China, with a view to briefly introduce Alipay to you to facilitate what you are promoting associated to the Chinese language market.

If you wish to promote the merchandise sourced with your personal model, we as an expert dropshipping agent will talk with the producer on branded packaging and non-public labeling.