Alipay is an online payment services provider. Founded by the Alibaba group, it allows individuals and businesses to execute payments online in a secure manner. Alipay’s users are primarily buyers and sellers engaging in e-commerce transactions. With a registered user base of approximately 43.5 million as of June 2007, Alipay is an accepted online payment method for many online retail websites and service providers in China. Clearly, it is also the main payment online payment on sister site Taobao.
Alipay has partnered with some leading Chinese banks including Bank of China, China Construction Bank, Agricultural Bank of China, and the Industrial and Commercial Bank of China; it also has a valuable partnership with Visa.
PayPal remains its primary competitor.