alipay | Pixr8 News

On Tuesday, Ant Financial, Alibaba’s financial service affiliate, released its 2015 Alipay consumer spending report. Alipay is a business operated by Ant Financial and China’s largest third-party online payment service provider. This annual report sheds light on the online consumption behavior of Chinese people and the penetration of mobile internet in China. 1. Shanghai tops the list Shanghai residents topped the list by spending an average of RMB 104,155 (USD 15,832) per person on Alipay in 2015, more than any other provincial-level regions in China. Zhejiang province followed closely at RMB 94,192, with Beijing, Jiangsu province and Fujian province tailing behind. In terms of total payment volume by provincial-level regions, Guangdong, Zhejiang, Jiangsu, Shanghai and Beij...

BEIJING, (Xinhua) -- China's central bank released detailed regulations of online payment services by non-bank institutions on Monday in the latest effort to contain possible risks in the booming Internet finance industry. The new rules require real-name registration for all non-bank payment accounts and classifies them into three categories depending on the security levels. The size of payments allowed through such accounts will then range from 1,000 yuan (155 U.S. dollars) to 200,000 yuan per year. Transactions through banking payment platforms would not be restricted by the regulation, the central bank said.. The aim of the policy is partly to avoid large sums of money being deposited in third-party payment accounts, which are beyond the protection of bank deposit insurance and...

Tag: alipay

Chinese Shoppers Spent USD 128 Per Person On Overseas Purchases: Alipay Report

Due to string of fraud cases in recent years, China Central Bank introduced rules on online payment