Alibaba tencent wechat pay beijing11/29/2022 ![]() Successfully solving the trust issue, Alipay saw tremendous growth on Taobao plaform, and even started to be used on other platforms outside of the Alibaba ecosystem.Īlong the way, Alipay put a lot of emphasis on improving payment authorization rate in order to guarantee the best user experience. So Taobao introduced Alipay as a 3rd party to temporarily hold the money paid by the buyer, and would not release the money to the seller until the buyer confirms that the product was received and in good condition. Back then, many conversations between sellers and buyers on Taobao failed to result in a transaction, often times because both sides suspected each other as fraudsters. To enhance its competitive advantage, Taobao tried to solve the biggest pain point in ecommerce in China at that point - the trust between seller and buyer. ![]() ![]() It was right after eBay acquired in China, and Taobao saw this acquisition as a major threat for its marketplace business. So I decided to write a piece about Alipay and WeChat Pay about their history, how they shaped the ecommerce and payment industries in China, and their growing impact outside of China.(Disclaimer: all views are my own, not related to my employer.)īorn in 2004, Alipay was first created as the payment department of Taobao, the B2C platform of Alibaba Group. Recently I have been getting a lot of questions from my American and European friends and colleagues about what Alipay and WeChat Pay do and what impact they have made on the payment industry, as increasingly more businesses start to realize their importance thanks to their media traction lately. Everything You Need to Know about Alipay and WeChat Pay ![]()
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