All Rights Reserved, This is a BETA experience. 1125 N. Charles St, Baltimore, MD 21201. “Now when I go out, I don’t even need to carry my wallet, all I need is my phone,” said Su, one of over a billion Alipay users in China and abroad. Copyright© Mediacorp 2020. Instead of cash, in recent years she has done almost all her business using the digital wallet Alipay - shopping in a mall, buying stuff online or transferring money to friends. In restaurants, groups of friends often split the bill by transferring money to each other using their digital wallets, similar to how the Venmo app is used in the US. We had also reported last November that PayPal was … This service is not intended for persons residing in the EU. Alipay's revenue mostly comes from transaction fees charged to merchants.

Users can link their bank cards directly to Alipay to top up their wallets, and transfers can also be withdrawn from users' bank accounts.

Ant Group's money market fund, called Yu’e Bao - one of the world’s largest - lets people put idle cash in their Alipay wallets to work and reap returns on investments as small as 100 yuan (US$15).

Zhima Credit scores can help people take out small loans from Ant Group’s consumer credit services Huabei and Jiebei to finance such things as iPhone purchases or school expenses. Ant Group is the parent company of Alipay, which had more than one billion active users as of June. “Digital wallets like Alipay and WeChat have revolutionised payments in China,” he said. Considering buying IPOS, EWH, MCHI, or CQQQ today. $313 billion. Much like U.S. payments platforms such as PayPal and Square (NYSE:SQ) have done, Ant Group has built out a robust ecosystem of fintech services surrounding its core payments platform. “Ant Group is so valuable because Alipay is used on a day to day basis by a billion people on all of their purchases,” said Rein.

“Now, there’s also less worry that we might get counterfeit notes, or that our wallets may get stolen or robbed since everything is done digitally now.”. As the world of payments and finance increasingly becomes digital, that $20 billion will only go up, by a lot. Your whole life revolves around Alipay.”. An Ant Financial spokesman said the company does not have a plan or timetable for an intial public offering (IPO). The previous record holder is Saudi Aramco, the state-run oil company in Saudi Arabia, which raised $29.4 billion in a public listing in December. Alibaba, which currently owns a third of Ant Group, spun off Alipay in 2011. A Caltech graduate, Luke has consistently been rated one of the world’s top stock pickers by various other analysts and platforms, and has developed a reputation for leveraging his technology background to identify growth stocks that deliver outstanding returns.

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