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Alipay to process fund payments in China

Friday 11 May 2012 15:21 CET | News

Chinese regulators have granted Alipay, the online payment unit of Alibaba Group, approval to process payments by individuals and corporates buying and selling investment funds online, according to two sources familiar with the matter, cited by Reuters.

Alipay joins other e-payment platforms including UnionPay and ChinaPnR in processing such trades, the same source indicates. Alipay has over 650 million registered users, including individuals and corporates. In recent news, Alibabas unit has rolled out a payment service to enable people in Hong Kong and Macau to make purchases.


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Keywords: Alipay, fund payment, online payments, payment processing
Categories: Payments & Commerce
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Countries: World
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Payments & Commerce