Alipay Offers Insurance for Express Checkout Users

Sina Tech, 4/16/13

Chinese third-party payment processor Alipay announced today that it will start to provide insurance against stolen items purchased through Alipay's Express Checkout service. All Express Checkout users will receive 100% compensation if the items they purchase through the service are stolen. Ping An Insurance will handle the insurance policy and all insurance costs will be paid by Alipay.

Alipay's Express Checkout service was launched at the end of 2010 in partnership with many of China's major commercial banks. To use this online payment service, customers need only to hold a bank card account and do not have to activate online banking through their bank. According to data provided by Alipay, 160 partner banks currently work with Alipay to offer Express Checkout service, covering over 150 mln users.

Keywords: insurance Internet Alipay third-party payment online payment Ping An Insurance e-payment

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