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Home Blog

What is Alipay? About the Alipay e-wallet

by polyguides
August 14, 2022
in Blog, Review
Reading Time: 6 mins read
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What is Alipay? About the Alipay e-wallet

What is Alipay? About the Alipay e-wallet

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Alipay is an e-wallet that is quite useful when making purchases on e-commerce websites. However, not everyone knows what Alipay is and what is it for? In today's article, Bitcoin News will share with readers the most basic information related to the Alipay wallet.

Table of Contents

  • What is Alipay?
  • What is Loopring (LRC)? Review Loopring exchange & LRC token
  • What is Paxful? Reviews & using Paxful Exchange
  • What is CoinDeal? Review & guide to using CoinDeal Exchange
  • What is Bybit? Reviews & Guide for using Bybit
  • Benefits of Alipay
  • Guarantee for consumers
  • Fast and efficient payment
  • Many conveniences for online payment
  • Is Alipay safe?
  • User manual
  • How to verify your account
  • Deposit Instructions
  • Self-Deposit your account
  • Deposit Alipay through an intermediary service
  • Conclude

What is Alipay?

Alipay – 支付宝 (zhifubao) is an electronic wallet owned by Jack Ma and Alibaba Group. Alipay was born in 2004, in the context when Alibaba was just starting to enter the e-commerce market and needed an online payment tool to ensure online transactions were safe and free.

When an online transaction order is initiated, Alipay will be the third party to act as an intermediary to guarantee the transaction for both parties. After completing the negotiation process, the buyer will make the payment, Alipay will receive the money from the buyer, freeze the payment and notify the seller to proceed to the buyer's address. After the buyer receives the goods, Alipay will remove the payment tape, the seller will now receive the money and the transaction is completed.

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What-is-Alipay-About-the-Alipay-e-wallet-1
What is Alipay? About the Alipay e-wallet

Alipay has contributed to the success of the Taobao e-commerce platform – another product of Alibaba, which is one of the leading prestigious e-commerce sites in China.

As of 2014, there were 300 million online users in China using Alipay. Currently, Alipay is working with more than 65 Visa and MasterCard financial institutions, providing payment services to Taobao, Tmall, and 460,000 businesses in China.

Alipay is also one of the 6 most popular e-wallets in the world. The payment methods applied on Alipay are MasterCard, Visa, Boleto Bancária, Maestro, WebMoney, and QIWI Кошелек.

Visit website: https://www.alipay.com/

Benefits of Alipay

When using Alipay, the benefits that consumers will receive are:

Guarantee for consumers

For those who often need to exchange goods with China on e-commerce sites, using Alipay will provide them with a guaranteed service, in which consumers can check the quality of the goods to see if they are satisfied before paying the seller or not. This is one of the ways to help protect the legitimate interests of consumers.

Fast and efficient payment

If you own an Alipay account, you can pay for purchase orders on all Alibaba group sales websites such as Taobao, Tmall, or 1688… in the most convenient and fastest way.

Besides, you can also transfer money from an Alipay account to a bank account in a short time when using an Alipay account.

Many conveniences for online payment

Alipay also gives you a lot of conveniences in online payment such as: Deposit mobile phone, Deposit game card payment, top-up payment for shop samples, top-up currency to pay electricity and water bills, top-up money pay for movie tickets, buy lottery tickets or book airline tickets…. For all these jobs you can ask Alipay for help with just a few taps.

Is Alipay safe?

Alipay is the safest solution to ensure the harmonization of interests between the buyer and the seller as an intermediary to make the payment process more transparent. Alipay payment gateway is the most reliable transaction channel of financial institutions and businesses in the field of electronic payment.

Visit website: https://www.alipay.com/

User manual

If you are a fan of Chinese shopping, but you do not know about this Alipay payment service, it is a huge omission. Normally, you will have to know a little bit of Chinese to be able to navigate the Alipay website. But so far, thanks to the support of smart language conversion tools, this really doesn't matter much. The simplest is you can use Coc Coc browser.

To proceed with how to register for Alipay, please follow the instructions below:

Step 1: Visit Alipay's website (use email to register): https://memberprod.alipay.com/account/reg/email.htm

Step 2: You choose your country

Step 3: Verify Email account

Step 4: Verify your phone number (you can use Chinese or foreign phone numbers).

Step 5: Fill in the registration form including:

  • Login password
  • Payment password (similar to PIN)
  • Secret question
  • Account ID
  • Select passport and passport number

Step 6: Log in to your Alipay account via the website: https://www.alipay.com/

After completing this step, you have completed the account registration and been notified of success. If you have a language barrier, you can use google translate directly on your computer or phone.

Step 7: Deposit, With this step, you need to note the following:

  • The easiest way to get started is to deposit funds into your Alipay account, go to the homepage and click on Chongzhi (充值).
  • When choosing your bank, be careful not to choose from the main menu as these options require a Chinese ID. Instead, click Other Selections (选择 其他).

Step 8: Pay depending on the bank and complete the deposit process. You can use your Alipay account to log in to Taobao.com and make purchases.

Step 9: Go to https://login.taobao.com/

Create the username Taobao. Please note during the payment process, choose to pay with your Alipay Account. For some users, account verification may be required prior to purchase.

How to verify your account

Alipay is likened to a consumer's cash wallet in online payments, so you must fully authenticate all personal information such as full name, address, ID number, bank account … This is an important bonding step as it will help you pay more for your purchase, as well as avoid unnecessary trade-related problems.

What is Alipay? About the Alipay e-wallet
What is Alipay? About the Alipay e-wallet

For example, with an unauthenticated Alipay account, you are limited to the number of transactions such as: Not exceeding 35 million/transaction, not exceeding 105 million/day, not exceeding 175 million/month, and not exceeding 350 million /year.

Besides, you easily face the risk of being locked or frozen in your account. Therefore, it can be said that Alipay account authentication is very important for those who really want to do business and trade through Chinese commercial websites.

Alipay account authentication has 3 types with the following 3 levels:

  • Type I: Limit of 1,000 yuan/lifetime. Payment of balance transfer, withdrawal, consumption, through the payment balance of this limit.
  • Type II: Limit of 10,000 yuan/year. Payment by account balance through wire transfer, consumption, are all included in the limit amount of this account, withdrawal is not limited by limit.
  • Type III: Quota of 20,000 yuan/year. Used as Class II but can purchase financial products as investment properties.

Based on the above 3 Alipay account types to decentralize management and each type also has different verification conditions:

  • Type I: Linking 1 bank card is enough.
  • Type II: Upload ID card or link 2 bank cards.
  • Type III: On the basis of Type II and add 2 verification items.

For Chinese, the following documents are required:

  • ID card (Take 2 front and back)
  • Bank card (Same name as CMT)
  • China phone number (Register at the bank to make the card)

For foreigners need the following documents:

  • Passport with the visa stamp and entry stamp to China
  • Bank Card (Same name as Passport)
  • China phone number (Register at the bank to make the card)

Deposit Instructions

Alipay is becoming increasingly essential for Chinese transactions, because of its convenience and popularity. However, for those who use it for the first time, it is often quite surprising that they do not know how to Deposit their Alipay account. There are 2 most popular deposit methods:

Self-Deposit your account

After signing up for an Alipay account, you can proceed to Deposit your account yourself. However, at present, the Chinese government manages Alipay accounts very closely, to make payments you need to authenticate with a bank account opened in China, if you do not have this account, the authentication will not work. success.

In addition, the account verification is very complicated, the procedure takes a long time, so very few people use this way to Deposit.

Deposit Alipay through an intermediary service

In fact, the second method is being used quite commonly. For domestic Alipay accounts, to Deposit, you can apply the form of buying yuan outside and ask the seller to transfer it to your Alipay account with the User name you provide.

Currently, companies that sell yuan are quite popular, you can easily find a partner to do it. Each time you Deposit, you will have to pay a fee, but not much for the amount you just deposited.

Conclude

With the development of online payment technology, more people choose to pay online and Alibaba has captured this need. Alipay is an online payment platform that is easy and very convenient for customers in China and internationally, especially in Asia.

Unlike PayPal, Alipay does not use credit cards, so its growth potential will continue to go further.

Tags: Alipay
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