INDEPENDENT RETAILER magazine is now the official news outlet for Wholesale Central visitors.
Each monthly issue is packed with new product ideas, supplier profiles, retailing news, and
business strategies to help you succeed.
See new articles daily online at IndependentRetailer.com.
Mar 1, 2008
In a move aimed at enabling consumers in Mainland China to buy directly online from North American retailers, Alipay, China's leading independent third party online payment platform and a subsidiary of Alibaba Group, has announced a cooperation agreement with Philliou Selwanes Partners (PSP), a New York City based consulting and advisory firm. PSP will be the cooperation agency of Alipay to promote the acceptance of this Chinese payment service to North American merchants.
As of November, 2007, Alipay had more than 56 million users in China, growing at a rate of more than 80,000 new registered users each day. Alipay's average daily transaction volume exceeds $23 million (USD), handling an average 1,170,000 transactions each day.
Alipay has quickly become the online payment standard in China's fast developing ecommerce sector. According to independent research institute analysis, Alipay is the largest online payment service provider in China with a market share of over 54 percent. Alipay's growth has both benefited from and contributed to the rapid growth of ecommerce in China.
Mr. Jonathan Lu, President of Alipay, said, "Our mission is to make it easy to do business anywhere. Now that Alipay is China's most popular online payment system, it is a natural step for us to expand the service in North America."
According to Mr. Philip J. Philliou, Partner at PSP, "As China has undergone a meteoric economic expansion, the opportunities for U.S. retailers have been limited by our differing payment systems. This alliance agreement removes those barriers and opens up great new potential for North American merchants to add millions of dollars in new sales volume from an untapped marketplace." In the weeks ahead, PSP will be working with the select online merchants and merchant acquirers to integrate Alipay into their payment mix alongside other payment offerings.
To learn more about Alipay and its benefits for the payment system in the U.S. and Canada, please navigate to www.philliouselwanes.com/alipay.
Topic: Wholesale News
Related Articles: chinese
Entire contents ©2020, Sumner Communications, Inc. (203) 748-2050. All rights reserved. No part of this service may be reproduced in any form without the express written permission of Sumner Communications, Inc. except that an individual may download and/or forward articles via e-mail to a reasonable number of recipients for personal, non-commercial purposes.