Lenders join forces to take on Alipay

Internet banking union formed in the wake of the rapid growth of web-based financial services

Twelve national commercial banks formed an internet banking union on Thursday, announcing that they will waive service fees for their clients to make interbank money transfers among member banks via internet and mobile applications.

Clients who have opened accounts at a counter of a member bank will find it convenient to open electronic accounts at the other 11 banks, to buy wealth management products and pay for their bills, based on mutual recognition of accounts and account information shared among the banks.