Entity: ALIPAY
Alipay is a third-party mobile and online payment platform established in China in 2004. It is a payment app and digital wallet that allows users to send and receive money easily without using cash.
ALIPAY
Etymology
The name 'Alipay' is a combination of the words 'Ali' from Alibaba and 'pay', reflecting its origin and purpose.
Definition
Alipay is a third-party mobile and online payment platform that was established in Hangzhou, China in February 2004 by Alibaba Group and its founder Jack Ma. It is a leading Chinese mobile payment platform that offers a wide range of financial services beyond just payments.
Historical Context
Alipay was launched in 2004 as a mobile payment app for Chinese nationals to make cashless payments. Over the years, it has evolved into a comprehensive digital wallet and superapp with various features.
Cultural Significance
Alipay has become an integral part of daily life in China, enabling users to conduct transactions, hail taxis, get credit cards, and more, all within the app. It has revolutionized the way people handle financial transactions in the country.
Related Concepts
Alipay is often compared to PayPal as the Chinese equivalent, offering similar services for online and mobile payments. It competes with other payment solutions like Taobao (Tmall) and WeChat pay in the Chinese market.
See Also
A leading Chinese mobile payment platform that offers a wide range of financial services beyond just payments.