To differenitate itself from Taobao.com, Alibaba Group has changed Taobao’s Tmall.com chinese name to 天猫. Tmall is designed
Alipay non-bank payment service provider for China SME
The People’s Bank of China (PBOC) has granted Alipay a license on Monday to conduct non-bank transaction. Under the new rules, Alipay will have to report the commission rates it charges for third-party transaction to the central bank. The new non-bank payment service provider is required to have a registered capital of at least RMB 100 million for a nationwide business and is proved to be profitable for 2 years in a row.
According to the Financial Times, PBOC has excluded companies with foreign capital, a move that would affect Paypal, owned by eBay and Alipay as well. Alipay is a subsidiary of Alibaba group in which US-based Yahoo! And Japan’s Softbank has investment.
However, it is understood that Alibaba’s management is considering taking AliPay out of the group, Financial Times reports.
Alipay is the largest online payment operator in China, followed by Tencent’s Tenpay, ChinaPay and 99bill.com.
China online payment transaction keeps growing
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