As part of the agreement, E. Sun Bank has helped Taiwanese suppliers to develop an e-commerce platform. As a result, mainland Chinese consumers are able to purchase goods from Taiwanese suppliers online and make payment via Alipay. After Alipay deducts the payment, Taiwanese suppliers can ship the goods to mainland Chinese buyers and collect the payment from E.Sun Bank.
Via the cross-Strait pay service, Taiwanese suppliers can collect payment from Chinese consumers and deposit the payment at their accounts at E.Sun Bank, without the need of flying to the mainland for marketing or payment collection.
According to Alipay’s representatives, cited by media outlet taipeitimes.com, the joint venture, which is currently limited to one-way sales of Taiwanese goods and services to Chinese buyers, may expand to two-way trading if there is a demand for it. Additionally, Alipay has revealed plans to team up with other financial institutions in Taiwan and elsewhere to upgrade its e-commerce business.
Alipay has a 49 percent share of China’s online shopping market, with 650 million registered users as of 31 December 2011. The company processes about 50 percent of online shopping transactions for Chinese shopping and auction website Taobao Mall.
Alipay, an affiliate of Alibaba Group, provides an escrow payment service which prevents transaction risk for online consumers. Most recently, Alipay has joined forces with global financial services provider Standard Chartered Bank to roll out the new Standard Chartered – Alipay Express Payment service.
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