Alipay Explained: Features, Benefits & How to Use It

Alipay is one of the largest mobile payment platforms in the world that was founded in China in 2004 as a subsidiary of the Alibaba Group. Alipay allows users to make international money transfers, make online and in-store purchases, and even pay bills using its mobile-based online platform. Read on for a full review of the payment service and how it works and is secure.

What is Alipay?

Alipay is the most popular e-wallet service in Asia. In China, millions of transactions are processed using Alipay every day. Chinese citizens use the Alipay digital wallet on their smartphones to make quick and convenient in-store and online payments and money transfers.

Many Chinese online merchants also use this system to receive money for goods and services from different countries around the world.

The platform supports multiple currencies. So, you can make Alipay payments in your country's currency. Of course, the default local currency is the Yuan (CNY), but you can change it to USD, EUR, AED and other global currencies.

How does Alipay work?

The Alipay e-wallet app allows you store your credit or debit card details in the app, and then use your mobile phone to pay instead of using cash or a bank card. Users use the app for a variety of transactions, from paying in-store and online to receiving international money transfers from customers, friends and family abroad.

Tourists and business owners traveling to China can also sign up for the app and receive a 90-day credit card. Alipay’s services have expanded internationally through a number of global agreements. Stores, banks and hotels, especially in areas popular with Chinese tourists, have terminals and websites that accept Alipay payments.

Alipay's main services include:

• Online payments
• In-person payments
• Money transfers

Can I use Alipay without a Chinese bank account?

Yes, it is possible to use Alipay without a Chinese bank account.

Although Alipay was originally created for Chinese citizens and businesses and was only available to Chinese citizens and residents with a Chinese bank account, since 2019, customers traveling to China have been able to use the Alipay e-wallet with a 90-day tour.

From August 2023, foreign visitors will be able to link their Alipay accounts with international cards such as Visa, MasterCard, Diners Club, Discover and JCB. This means that visitors can now use Alipay for mobile payments at most merchants across mainland China. It also allows visitors to use Alipay for a variety of services including metro, bus, taxi, train tickets, as well as payments at restaurants, supermarkets, hotels and tourist attractions. Foreign visitors to China can spend up to $2,000 per year using Alipay without registering an ID. Travelers who register their ID with Alipay can use the program for transactions of up to $5,000.

If you are planning to transfer Yuan via Alipay, you can use the services of reputable exchanges that partner with EZDEX. Simply create an account on the platform and select your desired option from the list of exchanges that provide remittance services to China and Yuan transfers, and your remittance will be processed in the shortest possible time.

Is Alipay safe?

Alipay is a secure and guaranteed service. In general, mobile payments are even more secure than paying with your credit or debit card. Instead of your actual card details, the merchant receives an encrypted version of your financial information.

In addition, Alipay uses various technologies to keep your information safe:

• Advanced encryption technology
• Real-time risk monitoring system
• Security protection (including unauthorized transaction compensation and 90-day payment protection)

Of course, using the following recommendations when using Alipay can help you keep your information and assets safe:

1. Always use strong and unique passwords and PINs
2. Always keep your phone locked when not in use
3. If your device has a biometric phone lock, enable it
4. Avoid paying over public Wi-Fi
5.  Be aware of your card activity for transactions you don’t recognize