What is Alipay and how does it work?
In China, cash is no longer King… Why? Because of an app called Alipay! What is Alipay and how does it work? With 1.3 billion active users and processed $17 trillion worth of transactions in mainland China, it’s China’s biggest mobile payment platform. Stick with me here to find out How to send money to Alipay from Australia
When Alipay was created in 2004, credit cards in China were rare therefore cash was deemed more trustworthy. Alipay was built by internet shopping giant Alibaba to make it easier to buy and sell on China’s version of Amazon.
In the first semester of 2018 more than 20% of all sales in China were processed online. Wich makes the Chinese the most digitised purchasers in the world.
Why is Alipay so popular?
Within the app, the main feature is quite simply, paying for things. However, Alipay is no longer just a payment platform. The app provides shopping, transportation, city services, medical services, credit services, wealth management and remittance from Australia.
Rocket Remit has partnered with Alipay, allowing Chinese nationals living in Australia to send money to the Alipay e-wallets of their families and friends. It is an instant service click here for more information on how to send money using Rocket Remit to China.
How to use Alipay without a Chinese Bank Account
Most Chinese nationals who have a phone will have the app. Since the app is released to foreigners, tourist and business travellers can use an overseas mobile number and get 90 days to use the service.
2. Open the app and sign up for an account by using your phone number. You will receive a SMS text with a verification code that you need to enter to confirm the registration.
3. Once you’ve completed the sign up process and logged in, you will land on the main screen.
4. You need to supply some information, including your nationality, passport number, full legal name as shown on your passport, date of birth, a photo of your valid Chinese visa.
Use Alipay to pay for your online purchases and at offline stores by scanning a merchant’s QR code or present your Alipay QR code
What are the benefits of Alipay?
– You can link banks and credit cards to your Alipay account and enjoy funds transfer, withdrawal, credit-card and payment services.
– You can use Alipay for most offline payments, restaurants, supermarkets, taxis, hotels, etc.
– Alipay customers can also find lots of discounts through promotions.
– You can also use Alipay to register to pay for public services or utilities.
– Borrow money from Alipay. Alipay uses Sesame Credit to determine credit limit, depending on your behaviour in all Alibaba Group.
– You can make overseas payments with preferential foreign exchange rates.
– Purchase funds, gold, and any other financial products through Alipay.
– You can also use Alipay to buy all kinds of insurance, covering almost every aspect of life.
Alipay sometimes even releases unique insurance types above all. Such as “love insurance”. If you don’t break up with your girlfriend or boyfriend, you will be rewarded.
Why Chinese prefer Alipay when travelling?
China was Australia’s first largest inbound market for visitor arrivals and the biggest market . Over 1,430,000 Chinese tourists visited Australia in 2019.
There’s just one problem…
Travelling to a foreign country can be daunting, to begin with, but even more so if you don’t speak the local language and you can’t understand the menu. This sparked the need for a friendlier way of payment that Chinese tourists were more familiar with.
You may notice that there are some local merchants with ‘We accept Alipay’ signs in Australia. These are usually targeted at Chinese visitors who are visiting or living here.
Convenience and familiarity
98% of Chinese Smartphone users have used mobile payments when they travel they used mobile payments they are familiarity with language.
Their money goes further than it would if they relied on credit card or card. Money conversion is locked in at the time of the transaction and rates are very favourable.
Discounts on Purchases
Alipay offer discounts and promotions that encourage shopping through the app.
Is It Safe to Send Money to Alipay with Rocket Remit?
Yes! Trusted by more than 1.2 billion global, users certainly is very safe. The AI-powered risk engine will conduct real-time analysis of the transactions and determines the risk level of each transaction.
Every transaction that happened on Alipay is monitored by Alipay’s real-time risk monitoring system on a 7/24 basis. Using Rocket Remit to send money to Alipay is instant the money is transfer immediately to China.
Rocket Remit has partnered with Alipay, allowing Chinese nationals living in Australia to send money to the Alipay e-wallets of their families and friends in China.
And this is where people run into trouble…
Even those who transfer money abroad regularly may have difficulty understanding how exchange rates work. Check our previous blog 5 Reliable Australian Money Exchange Methods
Empowered by Alibaba, Alipay is one of the safest payment channels. Alibaba Group is a global e-commerce giant and one of the most advanced technology companies in the world.
For safety consideration
– Alipay is safe if you protect your personal info carefully.
– Make sure no one can quickly scan you. When you are about to show your payment code.
– Confirm the collect code with the payment receiver.
– See if there is any trace of replacement on the codes stuck in public venues.
How to send money to Alipay with Rocket Remit
Rocket Remit is the worlds fastest international money transfer service. Send money instantly to China fast and safe! Sending money with Rocket Remit to china is easy as one-two-three! Check our video
Use the country selector to choose the country and check the rate.
Click here for more information on how to send money using Rocket Remit.