Alipay has launched a new international service that allows consumers in Mainland China to buy directly online from global retailers. Alipay's new international service enables foreign currency transactions between Chinese consumers and overseas retailers, enabling transactions between renminbi and 12 major foreign currencies.
Alipay was launched in 2004 by the Alibaba Group. As of August 20, 2007, the company said Alipay had more than 47 million users in China, growing at a rate of more than 80,000 new registered users each day. Alipay's average daily transaction volume exceeds RMB 150 million, handling an average 780,000 transactions each day.
Alibaba's announcement said that, "With its service used by Alibaba.com customers, Taobao.com customers and more than 300,000 independent merchants for transactions outside of the Alibaba Group marketplaces, Alipay's growth has both benefited from and contributed to the rapid growth of e-commerce in China."
Alipay expects to expand its overseas partner list to over 100 retail websites by the end of the year, to cover product providers ranging from cosmetics, fashion, bags and jewelry to household and digital products. Alipay is working with its long-standing partners Bank of China and China Construction Bank to provide the international service. Alipay has also formed a partnership with Asiapay to jointly develop the Hong Kong market.
