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Its rise to prominence in the financial sphere can be attributed to its comparable features to renowned payment systems like PayPal or Venmo prevalent in the US. Rooted in the Alibaba Group’s ecosystem, Alipay has established partnerships with several financial institutions, emphasizing Chinese cardissuers such as UnionPay.
These may include credit cards, debit cards, eChecks, and digital wallets (like Google Pay, Apple Pay, Amazon Pay, PayPal, Venmo, etc.). It’s also the software in your POS system or card readers that processes the customer’s payment data in a brick-and-mortar setting.
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