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Auctionbytes-NewsFlash, Number 1286 - May 24, 2006 - ISSN 1539-5065
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Alibaba's Online Payment Service Signs New Deal with Bank
By Ina Steiner
AuctionBytes.com
May 24, 2006
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China Daily reports that Alibaba has expanded its online payment partnership with the Industrial and Commercial Bank of China (http://digbig.com/4hsrc). Alibaba and its Taobao subsidiary compete with eBay's online auction service in China.
According to the newspaper, Alibaba's online payment service, called Alipay, now has over 17 million clients, with a daily trading volume exceeding 30 million yuan (US$3.75 million). The report said from January to April, Alipay dealt 6.29 million transactions with a total trading value of 1.12 billion yuan (US$140 million), quoting Alibaba CEO Jack Ma saying the transactions in the four months almost equaled the total transactions in 2005.
eBay officially launched its online payment service PayPal in China in July 2005 (http://auctionbytes.com/cab/abn/y05/m07/i11/s00).
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