Sina Tech, 12/19/11
Online payment platform and Alibaba Group subsidiary Alipay has announced that it has relaunched its "Jifen Bao" (jf.alipay.com) reward points system as an independent platform. The new company will be a wholly-owned subsidiary of Alipay and, starting off with RMB 10 mln in registered capital, be based in Nanjing's Software Valley.
A Jifen Bao spokesperson announced that the company's reward points are currently accepted by a number of partners, including Chinese insurance provider Ping An's points-for-prizes platform Wanlitong.com, Industrial Bank, Minsheng Bank, Sichuan province branches of Industrial and Commercial Bank of China (ICBC) as well as telecom carriers in Zhejiang and Jiangsu provinces and the city of Guangzhou.
Users will also be able to redeem points to make small purchases on Alibaba C2C & B2C e-commerce subsidiaries Taobao and Taobao Mall and other sites, and also to pay utility bills and credit card debt, and even to donate to charity organizations.
Alipay VP and CFO Eric Jing said that Alipay will continue its investment support for Jifen Bao as the platform's operations continue to expand.
Editor's Note: For more information on this topic, please see "Alipay Launches Reward Points Platform," MD 12/28/10 issue.