Alibaba plans funds to expand
By Ding Yining |
April 13, 2010, Tuesday
|
Print Edition
Print Edition
ALIBABA Group yesterday announced it will inject 5 billion yuan (US$732 million) in its online payment platform to enhance its market position as well as spur online spending.
Alipay, a unit of Alibaba and the largest online payment platform, will use the investment over the next five years to upgrade technology so that users will get a better experience and also set up an online credit system for buyers and consumers.
"This will be a significant investment to spur domestic demand and online spending as well as help to shift the economic development model," said Peng Lei, chief personnel officer of Alibaba and CEO of Alipay.
It will also seek opportunities in other payment channels including mobile phones.
More than 460,000 online merchandisers - from online ticket booking to traditional B2C shopping sites - have signed up with Alipay to use its payment platform.
Transactions on China's third party online payment platform more than doubled to 185 billion yuan in the fourth quarter last year, said Analysys International.
Alipay, a unit of Alibaba and the largest online payment platform, will use the investment over the next five years to upgrade technology so that users will get a better experience and also set up an online credit system for buyers and consumers.
"This will be a significant investment to spur domestic demand and online spending as well as help to shift the economic development model," said Peng Lei, chief personnel officer of Alibaba and CEO of Alipay.
It will also seek opportunities in other payment channels including mobile phones.
More than 460,000 online merchandisers - from online ticket booking to traditional B2C shopping sites - have signed up with Alipay to use its payment platform.
Transactions on China's third party online payment platform more than doubled to 185 billion yuan in the fourth quarter last year, said Analysys International.
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