Alipay keeps bank tie-ups
Print Edition
Alipay, China’s largest third party payment service provider, said it will keep the partnerships with domestic commercial banks, and is planning a range of innovative services for consumers.
China UnionPay, the country’s sole bank card transaction firm, last year asked all non-financial institutions to connect their payment service through UnionPay instead of directly linking to banks.
Chen Dawei, Alipay’s assistant to president, said the company has not stopped connecting directly to the commercial banks for payments.
“We haven’t felt the impact from the UnionPay directive, and we want to cooperate to offer a wider choice for consumers,” Chen said at a media briefing in Hangzhou yesterday.
“We hope to offer more payment choices to the market, and we’ll continue to communicate the issue with regulatory authorities,” he added.
Last month, the Alibaba Group formed a strategic alliance with China Minsheng Banking Corp in a bid to offer financial services to online shoppers. The tie-up will allow Minsheng to open a direct banking system and offer tailor-made wealth management products to Alibaba’s Taobao users.
Zhejiang Alibaba E-Commerce Co, the parent company of Alipay, last week bought 51 percent of Tianhong Asset Management Co for 1.18 billion yuan (US$192.8 million) to accelerate its push into online financial services.
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