Alipay’s Brute Power on Display on Singles Day
Alipay is the 800-pound gorilla in the global fintech room. It processed more than US$38 billion of payments in a single day.
Alipay’s global fintech supremacy is without question. On the highly-anticipated Singles Day in China, Alipay processed all the online payments emanating from Alibaba’s e-commerce platforms.
Singles Day, which is held every year on November 11, (11/11), was launched by Alibaba in 2009. On that first Singles Day, only 27 merchants participated. However, fast forward a decade to 2019, and Singles Day has become the biggest shopping day globally. Over 200,000 brands took part in this year’s Singles Day.
Alipay and Alibaba
Alibaba broke all records this time with a tally of USD 38,379,306,366 transacted this Singles Day. Alibaba marketplaces were Lazada, AliExpress, Kaola, and New Retail and consumer services platforms. However, this enormous pipeline of transactions ran through Alipay’s payment platform – a testimony to its technological muscle.
On Singles Day Alipay processed $1 billion in a mere 68 seconds, and in the first hour, racked up $12 billion payments.
Alibaba Chief Technology Officer Jeff Zhang, therefore, described 11.11 as an “airplane flying at turbo speed.”
There have been rumors that the Chinese government would use Singles Day to launch its native China coin digital currency. These proved unfounded, however.
Alipay is a part of Ant Financial. As of January 2019, Ant Financial, JVs included, served over a billion users globally.
In March this year Ant Financial announced its launch of a “distributed core banking platform,” a next-generation banking product.
Meanwhile, other technological innovations underway at Ant include the blockchain and AI.
[Related Story: Is China Coin Rushing to Beat Libra Cryptocurrency? ]
Latest Alternative Investment News
Volatility has shaken the markets. The Dow had its worst quarter in history. The U.S. economy could see GDP fall by 30% this quarter. And four portfolio managers at Citadel…
Silver Lake Partners is going big with its latest fund. The technology-focused private equity fund wants to raise a new fund worth $16 billion. Raising funds as market prices have…
The coronavirus pandemic throws up ESG in a new light. Far from spelling doom for ESG investing, the pandemic may have given it fresh, positive potential. An article by Marlene…
The Save Our Startups (SOS) campaign launched in the UK on Sunday. It aims to mobilize financial support for the 30,000 startups and high-growth businesses in the country, many of…