As part of the deal, Standard Chartered China debit card holders can now join 40 million other users of the Alipay Express Payment service to make purchases with as many as 460,000 online merchants worldwide that offer Alipay as a payment option, including Taobao.com and TMall.com.
In order to be able to use the Express Payment service, users will not have to register for online banking but will have to provide their debit card number, mobile phone verification code and other related information. Once approved, users will only need their Alipay password and mobile verification code to complete transactions.
The addition of the Express Payment service will allow Standard Chartered to expand offerings including local fund transfers, utility payments, cross-border fund transfers, credit card repayments, fixed deposits, one-stop global account enquiries and mobile applications, Breeze Mobile, Breeze Living and Breeze Payment.
Currently, there are over 100 Chinese commercial banks which offer Express Payment service across China. Standard Chartered is the first international bank to join the system.
Alipay, an affiliate of Alibaba Group, provides an escrow payment service which prevents transaction risk for online consumers.
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