Alibaba Group Invests to Upgrade Alipay's Payment Infrastructure
Alipay, China’s largest online payment network, will receive a RMB5bn (US$732m) investment from parent Alibaba Group over the next five years to upgrade its payment solution for e-commerce in China and around the world.
The new investment will be used to enhance infrastructure security; develop products to improve ease of use and convenience for customers; continue to grow a massive number of consumer accounts; build a comprehensive network of merchants; and retain and attract top-tier talent from the payments industry.
“Online payment will continue to play an ever-growing and significant role in the development of e-commerce as well as the stimulation of consumer demand,” said Lucy Peng, chief executive officer (CEO) of Alipay and chief procurement officer (CPO) of Alibaba Group. “Consumers expect a safe, convenient and affordable globalised payment platform. That’s what we have offered since the creation of Alipay and with this investment we aim to continue playing a fundamental role in the ongoing development of e-commerce in China and around the world.”