Zhifubao is accepted by everyone in China, this even includes the street vendors, in a way you can say that it is the answer that China has given to PayPal. One of the most common questions that you will here in china while a financial transaction is taking place is Zhifubao or cash. Alipay is used for various reasons; it could be making a payment online, paying for you meals, paying your landlord the rent or even paying the taxi driver.
The setup is also easy as within 15 minutes you are all set to go. You have to open a bank account at the Industrial and Commercial Bank of China’s branch that is present locally. The details of Alipay is as follows
Chinese PayPal ‐ Zhifubao or Alipay
Name of App‐ Alipay (Zhifubao)
What is it ‐ It is an almost universal PayPal
Who owns it ‐ Alibaba group and Jack Ma (founder of Alibaba)
What it does‐ It allows you to make payments anywhere and for anything. Special Sauce ‐ before you pay, you have the escrow service for the verification of your goods and there is no transaction fee. There have been times when even a bike hawker who sells nuts even allows customers to use Alipay. A person has to scan the QR code and within seconds, the money will be translated. The one thing that is really good is the fact that there is no transaction fee that is charged by Alipay. All customers have to do is indicate if they are happy with the service that they have got. In case they have ordered any goods, then they have got is of the quality that they want. Only if the customer is happy, then the payment is processed. In 2014, in China alone, there were 300 million registered users with Alipay.
