Alibaba Group Commits Massive Investment to Online Payment Platform in China

April 16, 2010 

Chinese e-commerce giant Alibaba Group said this week it will invest CNY5 billion ($732 million) over the next five years to upgrade online payment platform, Alipay. The company said it will use the investment to enhance platform security, develop mobile payment technology and continue to build out “a massive number of consumer accounts,” according to a press release. As of March 2010, the company claimed a registered user base of more than 300 million. “A truly first-rate payment infrastructure must be one that offers unquestionable security and an excellent user experience,” said Lucy Peng, CEO of Alipay. “It must be universally accepted by consumers and merchants. Only a platform with these qualities will be able to meet the growing demands of the hundreds of millions of consumers embracing retail e-commerce.”