Southern Daily, 12/19/11
Yuan Leiming, general manager of third-party payment processor Alipay's business division, has revealed in a speech at the 2011 China Internet Economic Forum in Beijing that Alipay's Express Checkout online payment-by-credit-card service aims to have 100 mln users within two years, to establish cooperation with over 200 banks, and to help the e-commerce market increase its transaction volume by 30%.
Yuan stated that Alipay is pushing its Express Checkout service for two major reasons. The first reason is that increased mobile internet use will require a cross-platform, cross-browser, and cross-terminal payment solution. The second reason is that as the internet becomes ever more complicated, in order to avoid hacking, Trojan horses and viruses, using internet banking is becoming ever more complex, and users need simple, well-secured payment services.
Yuan said that Express Checkout simplifies the payment process and increases purchase completion rates. Not taking into account other factors, if the payment completion rate of total purchases increases by 10 percentage points, Chinese e-commerce vendors' total transaction volume will increase by RMB 3 bln.
In regards to Paypal, Yan emphasized that Express Checkout builds on Alipay's history of five years of secure transactions, and can meet the same standards as Paypal's current technology.
Editor's Note: For more information on this topic, please see "Alipay Express Checkout Users Surpass 40 Mln," MD 12/06/11 issue.