Alipay introduces a new mobile application: Wallet
With the growing popularity of e-commerce in China, the concept of e-payments are more and more famous. Following this trend, the largest e-payment company in China, Alipay, has lately introduced a new version of its wallet mobile app that supports offline transaction (with the help of sound wavefunction) along with the online method. According to the industry experts, this recent development will surely strengthen the concept of e-payment and will surely lead to a strong threat to the tough rivals such as WeChat.
Fan Zhiming, the President of Alipay’s small and micro financial services unit, says that the users will be able to transfer funds through this platform even if they are not connected with the internet. The process moves far beyond barcode or QR code. He also said that Alipay uses sound waves to get a white noise generated by smartphones to process the digital information to other Alipay Wallet-equipped devices available in a given area.
In addition to the transfer of payments, this amazing mobile app will also help to pay the public utility bills, once the user is logged into their Alipay accounts. At present, three leading telecom carriers and more than 10 banks of the country are providing this feature. The best part of this mobile apps is its streamined feature. With its wallet like feature, you can easily store and manage gift cards, credit cards and discount coupons. What’s more! This new age wallet app also facilitates the recharging process of campus cards. Studies reveal that, in the next 5 years, this app will be extensively used in more than 2000 colleges over the country.
Reports say that Alipay has been certainly playing the role of a major contributor to the financial sector of China. Not only it has partnered with more than 100 banks of the country, but has also streamlined the inter-bank transaction without any fees. At present, 200 banks and 400,000 e-commerce vendors are resorting to Alipay for the reliable payment platform.