It seems like the ambitious entrepreneur, Jack Ma, founder of the gigantic Ali Baba Empire, is never out of ideas. He went further by announcing the establishment of a brand new way to pay online during a keynote in CeBit Fair…
Your face as a payment method
During the CeBit Fair in Hannover, Germany, Jack Ma, Ali Baba’s president, demonstrated successfully a purchasing authenticated by facial recognition. You will now be able to pay while taking a selfie! The service is even called “Smile to pay”, but more seriously, the idea came to his mind because of the lack of security which are facing online purchasers when it comes to pay.
The demonstration was a teaser and the feature is still in development.
Ali Baba is playing on all fronts
After creating Ali Baba, Jack Ma decided to settle even more on the e-commerce market by launching Tmall and Taobao. With these 3 websites, the group is literally dominating the Chinese E-Commerce market. Ali Baba is more focused on suppliers and TMall (more like Amazon) is a B2B market place while Taobao is a C2C market place (like Ebay). AliExpress is also an AliBaba product but has an international mission, while Taobao or Tmall is concentrated on the local Chinese market.
But this isn’t the only domain he tried to touch, here are some the most-known features Ali Baba launched
Always related to e-commerce, eTao is a platform where consumers can look for discounts, coupons and vouchers, but also where they can compare products prices commercialized on many Chinese online shopping platforms.
He also played in the social network field, with the application Laiwang, competiting with the famous Weibo or WeChat. Knowing a slow growth at its beginning in 2012, AliBaba totally revamped its application in order to change it from an instant messaging application to a social network. Laiwang is now judged among the only application complete enough to compete with WeChat and Weibo (leaders on the Chinese social networks market).
Ali Baba created an awesome feature called AliPay, which is basically an online payment solution. The application quickly became China’s biggest payment system with a 72% market share held. Alipay is operating partnerships with not less than 19 Chinese national banks. Alipay is also the largest online payment platform in the world with more than 800 Million users per day.
Chinese consumers are fond of this tool mainly due to the security it offers. Indeed, the customer have the choice to pay only when he accepted and is fully satisfied by the product.
If you wish to have further information about the e-commerce market in China you can go here.
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