Alipay halts POS service for small firms
Print Edition
Alipay, China’s largest third-party payment service provider, said yesterday that it will stop its offline POS (point of sales) service for small vendors due to “obvious reasons” that it declined to disclose.
But market speculation is that Alipay was under pressure from China UnionPay, the country’s sole bankcard transaction firm, to link its POS service through the UnionPay network so that UnionPay could charge more commission.
Alipay refused to reveal more about the matter but said it will proceed with innovative payment services in the future.
UnionPay yesterday declined to comment on the Alipay issue. It said it has stepped up efforts to standardize third-party services to control risks. Third-party payment companies that directly link to commercial banks could unwittingly create a loophole for online fraud and the risks of money laundering may rise, said a UnionPay notice.
China’s third-party payment transactions grew 28 percent from a year ago to 1.1 trillion yuan (US$181 billion) in the second quarter, according to Internet consultant iResearch Inc.
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