What is Alipay and how to get started
Alipay, also known as 支付宝 / Zhifubao, is China's leading online payment service by both the number of users and total transaction volume.
About Alipay
Alipay, also known as 支付宝 / Zhifubao, is China’s leading online payment service by both the Alipay, also known as 支付宝, is China’s leading online payment service by both the number of users and total transaction volume. It has a 55.32% share of the third-party payment market in mainland China, more than 1.3 billion annual active users as of June 2020, processed $17 trillion worth of transactions in mainland China over a year, and continues to grow.
Established in 2004 by Alibaba Group, Alipay later re-branded its parent company as Ant Financial Services Group in 2015. It overtook PayPal as the world’s largest mobile (digital) payment platform in 2013 and now accounts for half of China’s non-bank online payment market.
How To Get Started On Alipay
China-registered companies
Step 1. Create a business account with an email address on the domestic version of Alipay, Zhifubao, or register with your personal Alipay / Zhifubao account.
Step 2. Verify account with a business license number, business bank account information, ID card, and Alipay account of the company’s legal entity.
Foreign businesses
Step 1. Create an account with an email address on the international version of Alipay, Alipay Global.
Step 2. Submit your company information for verification, which usually takes 5-7 business days.
Cost To Use Alipay
It is free of charge to transfer from one Alipay account to another Alipay account, regardless of personal or business account.
The transaction fee of receiving payment on websites and mobile apps is 0.6% for general industries and 1% for gaming related industries.
The transaction fee of withdrawing from Alipay to the business bank account is 0.015% of each transaction if you want to receive it on the same day you request to withdraw money; the transaction fee is waived if you are okay to receive it the next working day.
Business Requirements To Use Alipay
QR code payment for offline stores requires:
Business license of a legally registered company. Basic information of your offline store, including industry, store name, address, outdoor and interior photos. Contact person and contact information.
Online Payment for online stores requires:
Business license of a legally registered company. An independent e-commerce website, either PC or mobile, with a payment link or a mobile app introduction page in the Apple Store/Android Market. Contact person and contact information.
Do not have a Chinese entity, Chinese phone number or Chinese ID? We can help!
If you do not have a Chinese entity, Chinese ID, or Chinese phone number, which is essential to get started on Alipay, 21YunBox is here to help.
We can provide the necessary supporting documents to use Alipay and walk you through the process. Meanwhile, we will also bring your company, product, and service into full compliance with Chinese law.
Contact us now to learn more about our solutions for doing business in China legitimately!
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