Economy

Alipay gets 5b yuan investment for e-trading

(Xinhua)
Updated: 2010-04-12 21:50
Large Medium Small

BEIJING - Alipay Co. Ltd., China's biggest independent online payment platform,said Monday it will receive a 5 billion yuan (US$732 million) investment over the next five years from its parent company, Alibaba Group, to develop its  e-trading and faith evaluation systems.  

Related readings:
Alipay gets 5b yuan investment for e-trading Alipay to become world's No 1 e-payment firm

Besides upgrading risk control systems and its database, Alipay will use the money to develop a mobile payments system to meet  customer needs, said Alipay CEO Peng Lei.  

Established in October 2003, Alipay Payment has become China's leading online payment platform with more than 300 million users as of March and a daily transaction volume exceeding 1.2 billion yuan.  

Data from China Internet Network Information Center (CNNIC)  shows the number of online shoppers in China jumped 38.9 percent  year on year to hit 87.88 million in June 2009, the latest figure available.