Alipay Alibaba has become one of the most popular mobile payment systems that is used by approximately half of the Chinese population. This is indeed an exceptional project which has been executed with immense potential and market analysis. The process is completely user-friendly and hassle-free due to which it has become a hot topic in the Chinese market. The payment system is an affiliate of Ant Financial’s core business governed by Chinese e-commerce giant Alibaba
Alipay is connected with the consumers through their bank accounts through which the payments can be done very easily by simply scanning the QR code of the merchant. This system is currently being used by approximately 700 million users which is an enormous figure indeed. Ant Financial has been focusing on the small and medium enterprises merchants to enhance their business through the implementation of blockchain driven technology. In addition to this, the Chinese affiliate of Alibaba has been working on the commercial expansion with the help of global tie-ups.
Executive Chairman and CEO Eric Jing stated that future technologies like blockchain will help the small and medium enterprises to join the digital bandwagon. He further added that QR codes have been one of the best methods in bridging the gap between small merchants and the digital economy.
Alipay Alibaba payment platform is nothing but the medium which has explored the best possible way to reconnect the two in best possible as mentioned by The Investor.
Chinese Economy And Digitization
According to CNBC, the Chinese fintech firms have grown in large number in recent years. The payment and financial services have overcome the conventional products with the introduction of products like money-market funds and micro-loans.
Alipay Alibaba is one novel approach in the market to uplift the SME’s which have to face a tough competition from the big e-commerce firms.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]