Alipay Developing Mobile Taxi Booking Insurance Service
21st Century Business Herald, 7/10/13
Chinese e-commerce conglomerate Alibaba Group's third-party payment processor Alipay is currently developing an insurance product for mobile taxi booking apps that will reimburse both app users and taxi drivers if either is stood up using the service, according to a source inside the company. Compensation will be set at the flagfall rate for taxis. A mid-level executive from Alipay's mobile taxi booking partner Huatai Insurance has confirmed the news, adding that the insurance service will be available by the end of the month on mobile taxi booking app Kuadi Dache and mobile e-payment app Alipay Wallet.
The terms of the agreement between Alipay and Huatai stipulate that Alipay will pay insurance fees incurred by its users in advance to Huatai for the year 2013. For every taxi booking transaction, the insurance fee will be RMB 0.35, which includes an RMB 20,000 incidental coverage in addition to the "missed appointment" payout.
In May, Alibaba purchased a stake in Kuadi Dache, although further details about the deal were not released, Alibaba noted that it was the largest shareholder in the company.
Editor's Note: For more background on this topic, please see "Kuaidi Dache App Integrates Alipay Service" MD 5/29/13 issue.
Keywords: Huatai Insurance insurance wireless Alipay e-payment third-party payment Kuaidi Dache taxi booking app mobile application Alipay Wallet mobile payment
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