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Subsequently, Wanda Cinema, Joy City, Wangfujing and other large-scale retail companies as well as movie theaters, KTV, and catering companies have access to Alipay. From 26 March 2019, the service fee will be charged for the payment of credit card through Alipay. Customers only pay the portion of the payment that exceeds 2,000 yuan at 0.1%. [33]
The following is a list of notable online payment service providers and payment gateway providing companies, their platform base and the countries they offer services in: (POS -- Point of Sale ) Company
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Ant Group (Chinese: 蚂蚁集团; pinyin: Mǎyǐ jítuán), formerly known as Ant Financial, is an affiliate company of the Chinese conglomerate Alibaba Group.The group owns the world's largest mobile (digital) payment platform Alipay, which serves over 1.3 billion users and 80 million merchants, with total payment volume (TPV) reaching CN¥118 trillion in June 2020.
In 2004, the Alibaba Group launched Alipay, a third-party online payment platform. It also provides an escrow service, in which buyers can verify whether they are happy with goods they have bought before releasing money to the seller. [88] Prior to Alipay, third-party payment was a legal grey area in China.
An e-commerce payment system (or an electronic payment system) facilitates the acceptance of electronic payment for offline transfer, also known as a subcomponent of electronic data interchange (EDI), e-commerce payment systems have become increasingly popular due to the widespread use of the internet-based shopping and banking.
QR code payment has helped mobile payment become the most popular method of payments in China, accounting for 83% of all payments as of 2018. [8] Nearly all shops, street vendors, most metro systems , buses , and taxis in Mainland China accept either WeChat Pay , Alipay , or Cloud QuickPass for payment.
In 2010, the People's Bank of China issued administrative measures regarding online non-financial payment services. [9]: 33 These measures retroactively recognized the legal status of online third-party payment platforms like Alipay. [9]: 33 Prior to the 2010 measures, these services existed in a legal grey area. [9]: 32
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