Fast pay saves Singles’Day (3)

However, many people still prefer the online banking payment system due to security concerns.

"I have gotten used to online banking, so I would not try Alipay's fast payment. Besides, some people have warned against linking bank accounts to Alipay accounts, as their bank accounts were easily robbed after the link was made," a Shenyang resident surnamed Zhang told the Global Times Sunday.

Bankers are not responsible for the security of transactions through fast payment, but Alipay will compensate consumers' losses within three days, said the Alipay employee.

Besides Alipay, many other third-party online payment operators have also developed fast-payment systems, such as the one China UnionPay Co launched in May 2011.

"The fast-payment system will be the trend in the development of online payment, especially for small transactions, while for the amounts worth more than 500 yuan ($80.20), online banking systems will be used due to security concerns," said Zhang Meng, an industry analyst from Analysys International.

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