Alipay
Overview
Alipay is a third-party online payment solution (digital wallet), providing a way for millions of individuals and businesses to make and receive payments on the Internet. The Alipay model involves escrow payments, designed to reduce transaction risk for online consumers, enabling them to release funds to vendors only if they're happy with the goods they have purchased.
As of 2019, Alipay has 1.2 billion registered users (900 million users in China), generating approximately 175 million transactions per day. Alipay's market share of online payments exceeds 54% in China.
By adding Alipay to your payment methods portfolio, you can increase authorization (for both new acquisitions and recurring payments) and conversion rates in China & APAC and have access to over 600 million consumers which means more customers and sales.
Alipay now supports:
- Full refunds
- Partial refunds
- Reverse orders
- Recurring payments
Supported currencies
Alipay supports USD and CNY transactions.
Workflow
To offer Alipay to your shoppers, you need to activate this payment method from your Merchant Control Panel account.
- When placing the order, shoppers in China can select 支付宝 (Alipay) as a payment option.
2. On the next page, customers can finalize the payment. They are taken to the Alipay gateway and will receive an email confirmation and more information regarding the products/services delivery.
3. Once the payment is complete, the shoppers are taken back to the 2Checkout shopping cart Finish page.
