18 foreign banks join

Reportedly, Alipay has opened VISA card payment services in Hong Kong, China. At present, 11 supporting Alipay VISA card payment Taiwan’s regional banks, including Chinatrust Commercial Bank, coupling with the 7 Hong Kong banks, and the total number of foreign banks supporting Alipay VISA card payment have reached 18.

“Although the Alipay has been clearly dominant domestically that accounted for about half of the third party payment market share, Alipay’s greater ambition is to compete with the status of an international boss.” As a peer of Taobao.com basing on oversea market, Epathchina.com said, currently, Alipay has broken 200 million users, day trading reached 4 million, but the short slab is that Alipay day trading amounted to 700 million Yuan whose size is less than PayPal.

ICBC’s cross-border remittance easier

The Industrial and Commercial Bank of China’s personal web bank has also launched the first brand-new offshore VISA card remittance service. Customers only need to know the recipient’s VISA card number, name and other basic information, and they can apply for cross-border remittances of U.S. dollars, euro, British pound, Japanese yen and other 13 major currencies, which is not only easy to operate and receive fast with cheaper charge for remittance than similar services. At present, the business temporarily only available in Beijing, Shanghai and Shenzhen pilot launches. Introducing this service is conducive to domestic buyers to do small online shopping overseas.

Attract overseas buyers to purchase

Erenow, Alipay cooperated with Bank of China; AliPay would help domestic users resolve the funds flow problem of domestic users on cross-border online transactions. At present, the service supports the dollar, euro, yen and other 12 major currencies, covering hundreds of overseas websites in Hong Kong and Taiwan, Japan and South Korea, occident countries these dozens of countries and regions.

Alipay president Shao Xiaofeng, said e-commerce must be global, not only for Chinese buyers paying out, but also allow foreign buyers to buy in. “Now, the idea of Alipay was to use Taobao.com platform to attract overseas buyers.”

Although it is good strategy and opportunity, as a peer competitor, epathchina.com pointed out that the fake problem has always plagued Taobao.com, which is especially valued for overseas buyers. Whether Taobao.com does big or does regular, or Alipay strives for overseas market development, eliminate bad credit is the primary problem sellers should resolve.