CyberSource, a subsidiary of Visa and an industry leader in E-commerce payment management services and solutions has partnered with Alipay, China’s largest online payment service, and part of Chinese E-commerce leviathan, Alibaba. The partnership will include utilizing CyberSource to help reduce fraud rates for their 460,000+ merchants.
The partnership began with AliExpress back in 2010, and has assisted Alipay in improving its in-house fraud and risk management department, providing better service for its merchants. By using CyberSource’s Decision Manager, AliExpress has been able to keep low fraud rates with its cross-border B2C business.
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In addition to Decision Maker, CyberSource will also provide Alipay with Managed Risk Services. Managed Risk Services is a combination of Decision Maker, with fraud consultation services, and also assists in optimizing fraud management through performance monitoring.
A press release on the partnership stated, “CyberSource Decision Manager features the World’s Largest Fraud Detection Radar, helping Alipay to pinpoint fraud faster, more accurately and with less manual intervention. This is achieved by screening inbound orders against data and correlations from more than 60 billion transactions processed by Visa and CyberSource annually. The transaction data is supplemented by 260 validation and correlation tests, which enable the solution to effectively expand the depth and breadth of visibility in transaction patterns.”
China’s E-commerce market is expected to reach over $539 billion by 2015. In addition, China is expected to overtake the US this year, making them the world’s largest market of consumer spending.