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Ali­pay’s cross-border pay­ments rose by 60 per­cent on Sin­gles Day

China Daily (USA) - - FRONT PAGE - By MENGJING mengjing@chi­

Ali­pay, China’s largest on­line pay­ment ser­vice provider, saw a surge in the num­ber of cross-border pay­ment trans­ac­tions pro­cessed on the Sin­gles Day shop­ping fes­ti­val, as the Chi­nese on­line shop­ping ex­trav­a­ganza gains global in­flu­ence.

Ali­pay, which is op­er­ated by Ant Fi­nan­cial Ser­vices Group, said on Satur­day that the num­ber of cross­bor­der pay­ment trans­ac­tions it pro­cessed on Sin­gles Day jumped 60 per­cent com­pared with the same day last year, fu­eled by the trend of “buy glob­ally and sell glob­ally”.

Con­sumers in 224 coun­tries and re­gions used Ali­pay to pay for the on­line pur­chases they bought on Sin­gles Day. Bil­lion­aire Jack Ma has been go­ing all the way to make the event a global shop­ping fes­ti­val since 2015.

Eric Jing, chief ex­ec­u­tive of­fi­cer of Ant Fi­nan­cial, said in a state­ment that by lever­ag­ing the op­por­tu­nity of the Nov 11 on­line shop­ping fes­ti­val, his com­pany and its part­nered fi­nan­cial in­sti­tu­tions across the world can pro­vide bet­ter fi­nance ser­vices based on the de­mands of con­sumers and re­tail­ers in the dig­i­tal era.

The Sin­gles Day shop­ping fes­ti­val, which was es­tab­lished by e-com­merce gi­ant Al­ibaba Group Hold­ing Ltd on Nov 11, 2009, has be­come the world’s largest on­line shop­ping fes­ti­val in terms of the gross mer­chan­dise vol­ume sold dur­ing the 24-hour sale.

It set a record this year with peo­ple spend­ing a stag­ger­ing 120.7 bil­lion yuan ($17.67 bil­lion) to shop on Al­ibaba’s plat­forms on Nov 11, up 32 per­cent year-on-year.

The spend­ing frenzy has also pro­moted the ad­vance­ment of on­line pay­ment tech­nol­ogy, with the num­ber of pay­ments set­tled per se­cond by Ali­pay to­tal­ing 120,000 at its peak, ac­cord­ing to Ant Fi­nan­cial.

Lu Zhen­wang, an in­de­pen­dent in­ter­net an­a­lyst based in Shanghai, said that one of the main rea­sons that the Sin­gles Day shop­ping fes­ti­val still saw solid growth af­ter en­ter­ing its eighth year is be­cause a much wider selec­tion of brands jumped on board to par­tic­i­pate in the event.

“This year we have seen many first-time par­tic­i­pants, such as Ap­ple Inc, which used to be re­luc­tant to join this kind of sale. The par­tic­i­pa­tion of big brands not only of­fers shop­pers more choice, but also at­tracts them to buy bigticket items,” he said.

As many as 235 coun­tries and re­gions com­pleted cross-border trans­ac­tions dur­ing the fes­ti­val, with thou­sands of in­ter­na­tional brands par­tic­i­pat­ing.

Statis­tics from Ali­pay showed that shop­pers in Rus­sia ac­counted for 48 per­cent of the cross-border trans­ac­tion vol­ume pro­cessed by Ali­pay, fol­lowed by Spain’s 8 per­cent and Ukraine’s 5.5 per­cent.

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