Alipay announced that after their Single’s Day sale that occurred on November 11, their mobile wallet, Alipay Wallet, is closing in on 100 million users. The amount of users has led their parent company, Alibaba to spin off the wallet service into its own brand, rather than to remain a product of Alipay.
Alipay also revealed that their mobile wallet makes up a third of Alibaba’s daily transactions, and that they have seen mobile transactions grow 800% year after year.
On November 7th, Alibaba’s 460,000 marketplace merchants have begun offering payment through the mobile wallet. Payments are made via QR codes that are displayed on the screen, and need to be scanned by Alipay’s app.
Why Global Deflation Does Not Affect These CryptocurrenciesGo to article >>
We have published many articles on mobile payments, and it seems that China is no different. With those outstanding figures, we will not be surprised to see more merchants and marketplaces following their lead.
Photo courtesy of Flicker