After the dust settled on China’s Single’s Day shop fest, e-commerce titan Alibaba’s third-party payment system Alipay announced its smartphone e-wallet app now has almost 100 million users. Now that it has some momentum, Alibaba will spin off the e-wallet into an independent brand, according to Techweb.
Alipay spokesperson Fan Zhiming says Alipay Wallet will soon launch a large-scale national branding campaign.
Alibaba says one-third of all items are purchased through Alipay on mobile phones, an increase of 800 percent since one year ago. That includes more than 100 million people who used Alipay mobile on top of an additional nearly 100 million who used the separate e-wallet app in the last year.
Alibaba’s e-wallet app can be used both for online payment and offline transactions where accepted.
As we noted in an editorial earlier this week, e-wallets are one of the four ways China’s web giants plan to revolutionize consumer finance in the country and beat state-owned banks.
(Editing by Willis Wee)