Following the launch, customers who purchase travel products can hand over their payment to Alipay and sign an electronic contract with the travel services provider. After they have returned from the trip, customers will be able to unlock the funds and complete the transaction if the contract has been honored.
In case of a conflict, Alipay, in collaboration with consumer rights organisations, will try to mediate the dispute and determine compensation while payment remains frozen. Users will be able to log into participating online travel websites using their Alipay credentials to make purchases.
Alipay has 600 million registered users including 30 million users of its Quick Pay online payment-by-credit-card service, with 33.6 million transactions daily and over 100 participating financial institutions.
Alipay, a division of Alibaba Group, offers private label and co-branded loyalty, reward, or payment solutions, including reward cards, debit cards, gift cards, dining cards, staff cards, credit cards, and phone cards, and insurance services.
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