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Alipay is a payment app and digital wallet that allows users to easily send and receive money without using cash. Alipay also offers countless other features, enabling users to book taxis, shop, and even purchase insurance through the app. With over one billion users, this payment method is ideal for those who want to make international payments and imports from China.
What is Alipay?
As mentioned in the article about remitting yuan to China, Alipay is one of the ways to send yuan to China. Alipay is the most widely used third-party online/mobile payment provider in China, with over 100 million daily transactions and more than 800 million active monthly users. Its main product is a digital wallet called Alipay Wallet, which includes a mobile app that allows customers to make transactions directly from their mobile devices.
Alipay users can store their credit or debit card details in the app and make payments through the Alipay app on their smartphones. As part of the Alibaba Group, they work with several financial institutions, primarily associated with Chinese credit and debit cards, including Mastercard and Visa.
The Alibaba Group is no stranger to the e-commerce scene and is well on its way to serving 2 billion customers worldwide. Therefore, it’s no surprise that they developed their own online payment system, Alipay. If you’ve ever used apps like Venmo or PayPal, you’ve seen similar digital wallet technology. Alipay is one of several Chinese payment apps that have quickly dominated a large portion of the Chinese market and have now gained popularity in Hong Kong, Malaysia, Singapore, and globally.
What can you use Alipay for?
- Shopping on most Chinese e-commerce websites, including Taobao and Tmall
- Sending money to family, friends, and acquaintances
- Paying for taxis, train tickets, and utility bills
- Charging your mobile phone
- Paying for food delivery services
- Paying for purchases in stores, supermarkets, and restaurants
- Checking bank balances
Before requesting a payment, have the following ready:
- Passport number
- Chinese phone number
- Chinese bank account details
Alipay has recently introduced a version of its popular app specifically designed for international travelers to enjoy the convenience of mobile payments while visiting China, without the need for a local phone number or bank account.
In China, users can directly access services such as taxi payments, hotel room bookings, and movie tickets within the app. However, since access usually requires a local phone number and a Chinese bank account, short-term international visitors previously could not use mobile payments in China.
The minimum deposit for each bank card in Alipay is 100 RMB, and the balance limit is 2000 RMB (285 USD). The card’s validity is 90 days, after which any remaining funds are automatically refunded.
Which businesses should offer Alipay?
If you want to attract Chinese customers (both in and outside of China) as well as tourists in China, setting up Alipay is a must. It provides Chinese customers with a familiar and trusted method for making digital payments. Additionally, this app opens up your customer base to international markets and helps you tap into the Chinese tourism market. All of this helps increase sales and brand awareness in China.
Which countries support Alipay?
Countries that support Alipay include: the United States, the United Kingdom, Australia, Hong Kong, Singapore, Canada, Brazil, Russia, Germany, Spain, Italy, and almost every other major country in the world. This means you can offer Alipay no matter where your business is located or where your customers are, whether in China or abroad.
How does Alipay work?
Alipay has a digital wallet linked to your account. You can use this wallet for all your transactions, whether using wallet funds to purchase from a business or receiving payments from others. Alipay uses a QR code (quick response) system, allowing you to either present a barcode for your customer to scan or scan your mobile QR code to receive a payment.
How long does it take to make a payment with Alipay?
Alipay works on the principle of escrow, holding the funds until both parties in the transaction are confirmed — instead of sending the payment directly to an account by pressing “send.” This means it usually takes between one hour to four business days for the recipient to receive the funds. This approach, ensuring security for the user and confirming the transaction, has led to far greater usage of Alipay, as no money is paid until all parties are satisfied with the transaction. Once both parties confirm, the money is transferred to the recipient’s account.
How can I accept Alipay payments from customers?
Among all the payment methods in China, Alipay is one of the easiest to use. After signing up to receive and make payments via Alipay, your customers can select this method as their payment option. For customers who are new to Alipay, registration is simple. If they are residents of China, all they need is their bank card and ID to set up. Those living outside China can start by setting up and installing the app and learning how it works. All your customers need to do is load at least 100 RMB into their Alipay wallet, after which they can make payments to you via the app. If you are using a point of sale (POS) device, you must scan a QR code to confirm the transaction.
Is Alipay a secure payment app?
Alipay is not FDIC insured, meaning that any funds added to your account will not be lost if the company fails. The Alipay mobile payment app has specific features that ensure your data and transactions are secure. Some of the security features of the Alipay payment app include:
- Advanced encryption: With encryption, Alipay can secure your private data and any payments you make.
- Real-time monitoring: Alipay has real-time risk monitoring that uses data to assess the user’s risk level and monitors all payments.
- Risk management: Alipay uses a risk management framework to protect against fraud and help prevent money laundering.
Therefore, you can confidently use this app for remitting yuan to China.
Alipay Registration
First, download the latest version of the app from the app store. Register with a valid phone number. Alipay will send a text message with a verification code to the number, which you must enter. Set a password on the next screen, and the app will automatically log you into Alipay.
Open the app and you will see “Me” in the bottom right corner, then tap on “My Account.” If you haven’t added a card yet, tap “Add Card” next to “My Cards.”
If this is your first time using the Alipay app, you must set a six-digit password. You will use this password for online payments.
Then, you will be directed to the bank card information page. Enter your Chinese bank card number. Alipay will display the name of your bank next to “Card Type.” Enter your name and other details. For credit cards, users can add international Visa/Mastercard credit cards.
Make sure to select your ID type and enter your personal information exactly as it is registered at the bank. Alipay will send a text message containing a verification code to the phone number you entered for your bank account. Enter this code to complete the link between your bank card and Alipay.
Your bank card will now appear in the “My Cards” tab. With this, you can make purchases with your phone almost anywhere in China. To pay, simply tap “Pay” and your personal QR code will load, which can be scanned.
Alipay Honors and Awards
Alipay has received many accolades and awards from the industry and its customers:
In 2007:
- “People’s Choice Award in Electronic Payments” at the Third Major Electronic Payment Forum in China (2007), supported by E-Commerce World magazine
- “Excellent Electronic Payment of China” by the China E-Commerce Association
- “Annual Award for Successful Company in China’s Online Market (2006-2007)” by China Internet Market 2007, supported by CCID and CCIDConsulting.
In 2006:
- “Top 10 Market Strategy Companies” by China Business Post
- “Excellence in Product Innovation” by China Business
- “Most Trusted Online Payment System” in an Internet user survey by China Quality and Research Association (CCW)
In 2005:
- “Safest Brand” by the China Electronic Payment Leaders Convention
- Most Popular Online Payment Tool by 21eChina
- Most Innovative Product by 21st Century Business Herald
Alipay vs WeChat Pay: What’s the Difference?
Together, remitting yuan to WeChat and Alipay hold over 90% of the third-party payment market in China. They offer similar features and have comparable usage statistics. However, there are a few differences that set Alipay apart. It is an independent payment app, unlike WeChat Pay, which is integrated with the WeChat social app. Alipay is more suitable for in-store payments and offers more financial services to users.
Conclusion
Alipay is an essential payment method for any business looking to reach a significant volume of Chinese buyers, both domestically and internationally, and is currently accepted by over 3 million merchants worldwide. Asan Tejarat offers notable services in yuan remittance to China, as well as air, sea, and land transportation and customs clearance.