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Alipay
Alipay () is a third-party mobile and online payment platform, established in Hangzhou, China in February 2004 by Alibaba Group and its founder Jack Ma. In 2015, Alipay moved its headquarters to Pudong, Shanghai, although its parent company Ant Financial remains Hangzhou-based. Alipay overtook PayPal as the world's largest mobile (digital) payment platform in 2013. As of June 2020, Alipay serves over 1.3 billion users and 80 million merchants. According to the statistics of the fourth quarter of 2018, Alipay has a 55.32% share of the third-party payment market in mainland China, and it continues to grow. History The service was first launched in 2003, by Taobao. The People's Bank of China, China's central bank, issued licensing regulations in June 2010 for third-party payment providers. It also issued separate guidelines for foreign-funded payment institutions. Because of this, Alipay, which accounted for half of China's non-bank online payment market, was restructured ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ant Financial
Ant Group ()'','' formerly known as Ant Financial, is an affiliate company of the Chinese conglomerate Alibaba Group. The group owns the world's largest mobile (digital) payment platform Alipay, which serves over 1.3 billion users and 80 million merchants, with total payment volume (TPV) reaching in June 2020. It is the second largest financial services corporation in the world, behind Visa. In March 2019, ''The Wall Street Journal'' reported that Ant's flagship Tianhong Yu'e Bao money-market fund was the largest in the world, with over 588 million users, or more than a third of China's population, contributing cash to it. In October 2020, Ant Group was set to raise US$34.5 billion in the world's largest IPO at the time, valuing the company at US$313 billion. On the eve of the IPO, China stopped the process from moving forward. It was reported that the Chinese Communist Party leader Xi Jinping personally scuttled the Ant IPO. On 12 April 2021, ''The Wall Street Journal'' repo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ant Financial Services Group
Ant Group ()'','' formerly known as Ant Financial, is an affiliate company of the Chinese conglomerate Alibaba Group. The group owns the world's largest mobile (digital) payment platform Alipay, which serves over 1.3 billion users and 80 million merchants, with total payment volume (TPV) reaching in June 2020. It is the second largest financial services corporation in the world, behind Visa. In March 2019, ''The Wall Street Journal'' reported that Ant's flagship Tianhong Yu'e Bao money-market fund was the largest in the world, with over 588 million users, or more than a third of China's population, contributing cash to it. In October 2020, Ant Group was set to raise US$34.5 billion in the world's largest IPO at the time, valuing the company at US$313 billion. On the eve of the IPO, China stopped the process from moving forward. It was reported that the Chinese Communist Party leader Xi Jinping personally scuttled the Ant IPO. On 12 April 2021, ''The Wall Street Journal'' rep ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taobao
Taobao () is a Chinese online shopping platform. It is headquartered in Hangzhou and is owned by Alibaba. According to Alexa rank, it is the eighth most-visited website globally in 2021. Taobao.com was registered on April 21, 2003 by Alibaba Cloud Computing (Beijing) Co., Ltd. Taobao Marketplace facilitates consumer-to-consumer retail by providing a platform for small businesses and individual entrepreneurs to open online stores that mainly cater to consumers in Chinese-speaking regions (Mainland China, Hong Kong, Macau and Taiwan) and abroad, which is made payable by online accounts. Its stores usually offer an express delivery service. Sellers are able to post goods for sale either through a fixed price or an auction. Auctions make up a small percentage of transactions, whereas the majority of the products are new merchandise sold at fixed prices. Taobao users usually read feedback and compare items from multiple shops. Taobao's popular payment platform is Alibaba's Alipa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Jack Ma
Jack Ma Yun (; born 10 September 1964) is a Chinese business magnate, investor and philanthropist. He is the co-founder and former executive chairman of Alibaba Group, a multinational technology conglomerate. In addition, he co-founded Yunfeng Capital, a Chinese private equity firm. As of November 2022, with a net worth of $25.3 billion, Ma is the fourth-wealthiest person in China (after Zhong Shanshan, Ma Huateng and Zhang Yiming), as well as the 36th wealthiest person in the world, ranked by ''Bloomberg Billionaires Index''. Born in Hangzhou, Zhejiang, Ma graduated from Hangzhou Normal University. He became an English lecturer and international trade lecturer at Hangzhou Dianzi University after graduation. Taking an interest in the internet, he founded his first company in 1994, later founding a second company after learning more about the internet. From 1998 to 1999, he headed an information company founded by the government, later leaving it to found the Alibaba Group ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
WeChat Pay
WeChat Pay () is a mobile payment and digital wallet service by WeChat based in China that allows users to make mobile payments and online transactions. As of March 2016, WeChat Pay had over 300 million users. WeChat Pay's main competitor in China and the market leader in online payments is Alibaba Group's Alipay. Alibaba company founder Jack Ma considered the red envelope feature to be a "Pearl Harbor moment", as it began to erode Alipay's historic dominance in the online payments industry in China, especially in peer-to-peer money transfer. The success prompted Alibaba to launch its own version of virtual red envelopes in its competing Laiwang service. Other competitors, Baidu Wallet and Sina Weibo, also launched similar features. WeChat Pay statistics - WeChat Pay reached 900 million users in 2021. Service Users who have provided bank account information may use the app to pay bills, order goods and services, transfer money to other users, and pay in stores if the store ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tianhong Asset Management
Tianhong Asset Management Co., Ltd. () is a Chinese asset management company founded in 2004. From 2014 it was considered the largest asset management company in China until 2021 when it was surpassed by E Fund Management. Its most notable product is the Tianhong Yu’e Bao fund which at one point was the world's largest money market fund. History Tianhong Asset Management was set up on November 8, 2004. In October 2013, the Alibaba Group acquired a 51% stake in the company for 1.18 billion RMB from its original shareholders, Tianjin Trust, Inner Mongolia Junzheng Energy & Chemical Group and Wuhu High-tech Investment. The company would be under the Ant Financial, an affiliate of Alibaba. However, in 2014 there was a dispute between Ant Financial and Inner Mongolia Junzheng Energy & Chemical Group on the treatment of Tianhong's retained profits per the deal agreement. Ant Financial announced it had initiated arbitration action by applying to the China International Economic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cloud QuickPass
The app of UnionPay ( zh, s=云闪付, p=Yúnshǎnfù, literally “Cloud QuickPass”) is a mobile and online payment service, developed and operated by UnionPay, the national Chinese bank card clearing service. Launched in 2017, it was designed to compete with the existing third-party Chinese mobile payment platforms, Alibaba Group's Alipay and Tencent's WeChat Pay. The mobile app allows the user to add their UnionPay bank card, and use it for various types of online and mobile payments, including in-app online payments, QR code payments, as well as contactless payments on NFC-enabled devices using UnionPay's QuickPass feature. History The UnionPay app was launched on 11 December 2017, which was merged from the old UnionPay app and UnionPay Wallet ( zh, s=银联钱包). Following that, the app has trailed in popularity behind its two major competitors, however, in 2021, the mandate by the Ministry of Industry and Information Technology (MIIT) to open up the "walled garde ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mobile Payment
A mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device, as the cardinal class of digital wallet. Instead of paying with cash, cheque, or credit cards, a consumer can use a payment app on a mobile device to pay for a wide range of services and digital or hard goods. Although the concept of using non-coin-based currency systems has a long history, it is only in the 21st century that the technology to support such systems has become widely available. Mobile payments began adoption in Japan in the 2000s and later all over the world in different ways. The first patent exclusively defined "Mobile Payment System" was filed in 2000. In developing countries, mobile payment solutions have been deployed as a means of extending financial services to the community known as the "unbanked" or "underbanked", which is estimated to be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Mobile Payment
A mobile payment, also referred to as mobile money, mobile money transfer and mobile wallet, is any of various payment processing services operated under financial regulations and performed from or via a mobile device, as the cardinal class of digital wallet. Instead of paying with cash, cheque, or credit cards, a consumer can use a payment app on a mobile device to pay for a wide range of services and digital or hard goods. Although the concept of using non-coin-based currency systems has a long history, it is only in the 21st century that the technology to support such systems has become widely available. Mobile payments began adoption in Japan in the 2000s and later all over the world in different ways. The first patent exclusively defined "Mobile Payment System" was filed in 2000. In developing countries, mobile payment solutions have been deployed as a means of extending financial services to the community known as the "unbanked" or "underbanked", which is estimated to be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Shanghai
Shanghai (; , , Standard Mandarin pronunciation: ) is one of the four direct-administered municipalities of the People's Republic of China (PRC). The city is located on the southern estuary of the Yangtze River, with the Huangpu River flowing through it. With a population of 24.89 million as of 2021, Shanghai is the most populous urban area in China with 39,300,000 inhabitants living in the Shanghai metropolitan area, the second most populous city proper in the world (after Chongqing) and the only city in East Asia with a GDP greater than its corresponding capital. Shanghai ranks second among the administrative divisions of Mainland China in human development index (after Beijing). As of 2018, the Greater Shanghai metropolitan area was estimated to produce a gross metropolitan product ( nominal) of nearly 9.1 trillion RMB ($1.33 trillion), exceeding that of Mexico with GDP of $1.22 trillion, the 15th largest in the world. Shanghai is one of the world's major centers for f ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
SoftBank Group
is a Japanese multinational conglomerate holding company headquartered in Minato, Tokyo which focuses on investment management. The Group primarily invests in companies operating in technology, energy, and financial sectors. It also runs the Vision Fund, the world's largest technology-focused venture capital fund, with over $100 billion in capital. Fund investors include sovereign wealth funds from countries in the Middle East. The company is known for the leadership of its controversial founder and largest shareholder Masayoshi Son. It operates in broadband, fixed-line telecommunications, e-commerce, information technology, finance, media and marketing, and other areas. SoftBank Corporation, its spun-out affiliate and former flagship business, is the third-largest wireless carrier in Japan, with 45.621 million subscribers as of March 2021. SoftBank was ranked in the 2017 Forbes Global 2000 list as the 36th largest public company in the world and the second-largest publicly ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UnionPay
UnionPay (), also known as China UnionPay () or by its abbreviation, CUP or UPI internationally, is a Chinese state-owned financial services corporation headquartered in Shanghai, China. It provides bank card services and a major card scheme in mainland China. Founded on 26 March 2002, China UnionPay is an association for China's banking card industry, operating under the approval of the People's Bank of China (PBOC, central bank of China). It is also an electronic funds transfer at point of sale (EFTPOS) network, and the only interbank network in China that links all the automatic teller machine (ATMs) of all banks throughout the country. UnionPay cards can be used in 180 countries and regions around the world. In 2015 the UnionPay overtook Visa and Mastercard in total value of payments made by customers and became the largest card payment processing organization ( debit and credit cards combined) in the world surpassing the two. However, only 0.5% of this payment vo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
