$60 Bln Alipay to Adopt Blockchain Serving Two Bln Users
Alipay, the $60 bln financial application developed by Alibaba subsidiary Ant Financial, is planning to implement Blockchain technology for the long-term benefit of its consumers. With over 450 mln users in China alone, Alipay is easily the most popular and largest mobile payment application in the world. The market cap of Alipay is larger than that of PayPal, a global financial network which processes blns of transactions every year. Blockchain going global with Alipay. In the past few years, Alipay has become the substitute for inefficient banking systems and financial services. As....
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Several posts on Chinese Bitcoin news sites like Coin News Asia are reporting that online sales giant Alibaba is working on possibly using blockchain tech for their Alipay service. It was first talked about on 8BTC.com on Jan 20th amid speculation as to what uses Alibaba and Alipay might be looking in the technology to do. In a statement at Coin News Asia Jingming Li, President of Alipay U.S. stated while talking about partnering with United could be one of the areas that they will deploy blockchain technology.
U.S. President Donald Trump signed an executive order on Tuesday banning the Alipay payment platform and seven other apps with links to the Chinese, saying the apps can access private information from their users. Separately, U.S. officials are considering banning U.S. citizens from investing in Alibaba Group, an affiliate of Alipay’s parent, and Tencent Holdings, […]
Chinese corporate giant Ant Financial, led by billionaire venture capitalist Jack Ma, is introducing blockchain technology to the Alipay donation application. The added feature will utilize a distributed ledger platform to record collected donations. Ant Financial’s Alipay Goes Blockchain. Ant Financial Services Group is a subsidiary of the Chinese....
In February, Bitcoin Magazine reported that Alipay, an online payment platform of the Chinese e-commerce corporation Alibaba Group Holding Ltd., had announced a project based on blockchain technology and cloud services. The announcement indicated the growing interest of Alibaba in distributed ledger technology. Now, it appears that the Chinese giant is gradually committing to the blockchain. Ant Financial, the Alibaba company that operates Alipay, is using distributed ledgers to transparently record transactions and improve the accountability of Chinese philanthropic organizations,....
American multinational technology company, Apple, is set to launch its mobile payment network, Apple Pay, in China on February 18, 2016. Competition with Alipay. China, with nearly 1.3 billion mobile users, is the second biggest market for Apple Pay to target to date. The California-based company has already obtained support from the country’s largest financial lender, the Industrial and Commercial Bank of China, for its official launch. Apple believes that the mobile industry in China is growing at a rapid pace due to the explosive increase in the number of mobile broadband (3G and 4G)....