Alipay Processes More Transactions than PayPal and Square Combined
Feb. 17, 2014
Last week, Alipay, the payments arm of Chinese e-commerce giant Alibaba Group, said its mobile transaction volume eclipsed PayPal and Square combined in 2013. On its Weibo account (often referred to as “China’s Twitter”) Alipay said it processed nearly $150 billion in mobile transactions last year. PayPal claimed it processed $27 billion in mobile transaction volume in 2013 and, while its numbers are not public, Square most likely processes less than that.
Published reports last week also said Alibaba will launch a U.S. e-commerce Website. Alibaba told Reuters that its subsidiaries Vendio and Auctiva will launch a boutique e-commerce site in the U.S. focused on fashion, tech and jewelry.