Software & Apps

Alipay Promotes Cash-Free Plan

Updated:2017/5/8 16:10

Alipay recently announced the latest class of cash-free plan on Sina Weibo.

To encourage a cashless future which Alipay will start from Chinese youth, the company gives back money to users who consume with Ant Check Later (or huabei, working like a virtual credit card), a consumer credit product from Alipay's company Ant Financial, or Yu'E Bao, Alipay's internet fund, in the shops cooperating with it since April 30.

Ant Check Later has released the 2017 Young Consumer Report in March this year, which shows that over 45 million Chinese born after 1990, of which the total is 170 million, have started using Ant Check Later for consumption.

Statistics show that Alipay has caught 54.1 percent of China's third-party mobile payment market share by the fourth quarter of 2016, of which WeChat cannibalized nearly 10 percent year over year. That's why Alipay worked so hard in the first quarter of this year.

 Source:C114
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