Zooming in on SuperApp Alipay🔍
Super apps are shaping the future of finance, and Alipay is one of the best examples of such a solution. Alipay is a payment app and digital wallet, allowing users to send and receive money easily without using cash. As *THE* superapp of all time, it also offer countless features that that allow users to hail a taxi, get a credit card, buy food or buy insurance etc.
Alipay was founded in 2004 by Jack Ma from the Alibaba group, as an escrow payment platform, meant to ensure that people buying from Alibaba’s e-commerce platforms didn’t have to deal with potentially fraudulent merchants who took their payments but never delivered the products. Nineteen years on, Alipay has grown into an internet sensation of its own and is reported to have an audience of nearly 2 billion customers globally, with about 300 million daily active users, making them the leading platform in this space well ahead of players like WeChat pay and PayPal.
Some interesting stats:
Alipay has around 54% of the market share in China whereas WeChat pay has 42% and UnionPay has only 4% of the market share.
Alipay website has around 190.3 million backlinks
The total number of merchants which supports payments by Alipay is around 80 million
Alipay accepts around 27 currencies
(Entreprise Apps Today)
How Alipay Works?
➡️Alipay operates within a wallet framework and can be used for both online and offline purchases.
➡️In an offline environement, Alipay uses a QR (Quick Response) code system (either presented to the customers to scan, or for the mechant to scan the QR code from the customers mobile device.
➡️Alipay still use the principle of escrow, holding funds from both the merchant and the shoppers side until both sides of the transaction are confirmed.
➡️Once both parties have confirmed, money is deposited in the receiver’s account.
With the world becoming more digitalised and new technologies reaching more and more regions, the number of mobile users are growing and so is the interest in using services/app that integrate multiple digital experiences in one comprehensive and multifaceted experience. The trends of super apps are rapidly catching on beyong Asia.
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