Chinese Alibaba Group's online payment division Alipay reached the 270 million user milestone by late 2009, JLM Pacific Epoch reports, citing 163.com.
In July 2009, the company had 200 million users, as compared to 150 million users registered at the end of February 2009. By 7 December, Alipay`s daily transaction volume reached RMB 1.21 billion (USD 177 million). Alipay has also finished the development of its payment transfer function and begun offering it to users, who can now transfer a transaction to a third party to complete payment without altering the transaction's buyer or seller.
Alipay, which is 40 percent owned by Yahoo, delivers an e-commerce payment technology and risk management system for banks and financial institutions. The company expects to register higher total transaction volumes than PayPal within the next three years. PayPal has 180 million users in 190 countries and territories around the world.
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