Latest News:  
Beijing   Light to moderate rain/Light rain    13 / 8 ℃  City Forecast

English>>China Business

Fast pay saves Singles’Day

By Zhang Ye (Global Times)

09:23, November 19, 2012

Alipay, Alibaba Group's third-party online payment platform, told the Global Times Sunday that without its fast-payment system, most domestic online banking payment systems could not have withstood the volume of online sales promotions on Singles' Day (November 11), which witnessed 105.8 million yuan ($17 million) in deals made via Alipay.

During the one-day sales promotions for Singles' Day, 45.8 percent of shoppers on Tmall, Alibaba Group's online shopping site, chose to pay through fast payment, a staff member from Alipay's public relations department told the Global Times Sunday on condition of anonymity.

Since the end of 2010, Alipay has signed contracts with some 150 banks in China and abroad to jointly develop a system enabling online shoppers to pay rapidly via after linking their bank accounts to their Alipay accounts, he said.

The fast-payment system is just a supplement, not a threat, to online payment through banks, given that the latter offers people more services like purchasing government bonds online, while the former exists mainly to facilitate online shopping, said Alipay.

【1】 【2】 【3】

We recommend:

A Decade of Fastest Development

Eastern Boom Lightens Western Gloom

Chinese firms 'potential Trojan horses'? slows

AVIC unveils new aircraft engines

Oct. data released, inflation slows

13th Int'l Automobile Industry Exhibition

China Int'l Industry Fair opens in Shanghai

Caofeidian coal wharf put into use

Galaxy Soho building in Beijing


Leave your comment0 comments

  1. Name


Selections for you

  1. China's stealth fighter concept model

  2. PLA Macao Garrison finishes 13th rotation

  3. Unforgettable moments in Nov. (III)

  4. Flight test of unmanned aircrafts conducted

  5. First inter-blood-type liver transplant in China

  6. Harbin Autumn Automobile Exhibition

  7. Embroider best wishes on insoles in Shanxi

  8. China's rich people will reach to 280 million

Most Popular


  1. Commentary: Hot money needs cooling
  2. Smart solutions for better city, better life
  3. China remains an 'engine' in global economy
  4. M&A of listed companies gaining steam
  5. Is 'culture' inferior to 'commercialization'?
  6. Chinese liquor makers "sober up" over bans
  7. Strength of Chinese culture lies in understanding
  8. Securing China's e-commerce growth
  9. Hammered ore prices threaten Chinese iron miners
  10. CNN Beijing chief: China's challenges, opportunities

What’s happening in China

Landmark building should respect the public's feeling

  1. Herders, sheep flock move to winter pasture
  2. First inter-blood-type liver transplant in China
  3. HIV patient to sue hospital over cancer op refusal
  4. Test in intelligent vehicle for food detection
  5. Smart card, dumb refund rules