What Alipay is and how it works

Many users have become familiar with the Alipay electronic payment system thanks to the marketplace AliExpress. This platform has been in operation since 2004. Today the number of users reaches about 1.5 billion.

Cashback service Megabonus prepared a quick guide on how to make online payments via Alipay. We will tell how this platform works.

What is Alipay

It is one of China’s largest online payment applications. Initially, this system was used for settlements on e-commerce platforms. Since 2015, the platform, which belongs to the Alibaba Group, has gone international. There are users in more than 300 cities on different continents.

Today Alipay is an independent financial structure. In this system users can link their debit and credit cards and create a virtual wallet.

The electronic platform can be used not only to pay for purchases in online stores. Alipay can be used to pay for:

• taxi;
• utilities;
• hotel booking;
• airline tickets;
• food delivery.

What are the advantages of using Alipay

Instant payments and transfers can be made through this payment system. The user does not need to link a bank account. The commission for transactions is minimal. Here are some more advantages of the electronic platform.

1. Easy to use. Install the mobile application on your smartphone, log in. Create a virtual account or link a bank card – debit or credit. Use a QR code or enter a pin code to make a payment.
2. You can pay for purchases, services, make money transfers anywhere you have Internet access.
3. Alipay is a safe and secure system. All personal data of customers are reliably protected. Biometrics – a unique user ID – is used to confirm the transaction. Your funds are always protected and you will not lose access to them.
4. You do not need to carry large amounts of cash with you. This is especially convenient when traveling. Each transaction takes no more than 20 seconds.
5. If you buy some subscriptions, make monthly payments, you can set up a regular plan in the system. The money will be charged automatically. To do this, you need to set the settings in your account.

Is Alipay secure

Security is a priority for the developers of the payment platform. The platform reliably protects users’ personal data. If an account is hacked by scammers, Alipay guarantees a full refund to the customer.

Alibaba Group is continuously working on the implementation of innovative technologies to ensure maximum protection. For example, fingerprint scanning or facial recognition is used to confirm a transaction.

There are several other arguments in favor of maximum security of this payment system.

• Verification. For online payment of purchases you need to enter a password and confirmation codes.
• Encryption. All messages between users of the site, encrypted, which guarantees the confidentiality of data. Eliminates the leakage or theft of information.
• Authentication. The platform uses two-factor authentication. To confirm the payment, the user enters a code or password, and additionally confirms the transaction with biometric data – facial recognition or fingerprint scanning.
• Continuous risk monitoring. Every minute (at least once every 30 seconds) an automatic check of the user’s activity in the e-wallet is performed. In case of suspected fraudulent activity, immediate response measures are taken.
• Additional layers of security. The payment system practices escrow. Money will not be debited from the user’s account until both parties confirm the transaction.

How Alipay works

Since this payment system was originally developed for the domestic Chinese market, the user needs to open an account in a Chinese bank for full operation. In 2015, when the platform went international and the number of foreign users increased, a short-term service called Tour Pass was introduced.

Users from overseas can use the system without opening a Chinese bank account for 90 days.

How the platform works.

• Download the mobile app from the marketplace and install it on your smartphone. The application is available for Android and iOS.

• Log in to the application. Enter your phone number to register. Confirm your agreement with the privacy policy.

• After verifying the phone number, a six-digit code will be sent in a sms-message, which must be entered in the opened window.
• Next, select a country from the proposed list. Registration is complete. The service page will automatically open.

• To link a bank card, go to your personal account – bank cards.
• Make up a passcode. It must not repeat the digits of the user’s phone number or date of birth.

On the order placement page of the marketplace, select “Tour Pass”. Remember, you can use the system for up to 90 days without linking a Chinese bank card. Enter your passport details and date of birth.

Confirm your actions with the code you will receive in a sms. After that, your digital wallet will be linked to your account.

With an Alipay account, you can pay for purchases in marketplaces, various services and works.

How to make an online payment with Alipay

Here’s a quick guide for new users of the payment system, how to pay for purchases in marketplaces and mobile apps.

1. Log in to the online store or online trading platform.
2. Select a product, add it to the shopping cart.
3. Go to the order placement page.
4. Select the payment method – Alipay. You can select this payment system as your preferred payment method in your account settings.
5. Automatically you will be directed to your personal Alipay account.
6. Enter your account information.
7. Confirm your login via passcode or biometrics.
8. Once the request is verified and processed, the money will be transferred to the seller’s account.
9. The customer will receive a receipt for each transaction by email.

You can use your e-wallet or bank cards linked to Alipay to pay for offline purchases. Use a contactless payment system or scan a QR code. Confirm the transaction with your biometrics or pin code.

The transaction is completed in the shortest possible time. On average, this process takes place within one hour, but can take up to 4 business days to complete.

Make online shopping not only convenient, but also economical with Megabonus cashback service. Before placing an order at Aliexpress and paying for the purchase via Alipay, activate cashback on our website and get up to 4.3% of the amount back.