Industry-Wide E-commerce Credibility System to Debut in 2009
Sina Tech, 5/11/09
At a forum on small and medium enterprise (SME) reform and online credibility, Qiu Changheng, vice president of Chinese third-party payment platform Alipay, revealed that a domestic, industry-wide e-commerce credibility information system will hopefully be finalized within the year, covering both SMEs and individual users.
The forum was attended by officials from the People's Bank of China, the Ministry of Commerce (MOFCOM)'s Department of Information Technology, MOFCOM's Department of Market Supervision, and the National Development and Reform Commission (NDRC)'s National Informatization Center, as well as e-commerce and financial experts.
Alipay previously introduced its own e-commerce credibility project aimed at its partners. The project generates credit scores using hundreds of indexes in over 10 categories, as well as identifying patterns using real-time data from merchants. Alipay announced the first batch of trusted businesses under the system in 2008 and guaranteed it would refund all costs to consumers if one of these trusted businesses engaged in fraudulent or deceptive e-commerce practices.
Keywords: regulation Alipay e-commerce Internet Ministry of Commerce NDRC People's Bank of China Qiu Changheng SME third-party payment online payment
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