Alipay's cross-border payment business opens up new prospects for cross-border online shopping, the solution being that Alipay, as a third party, assists individuals in completing real-time foreign exchange and foreign merchant's accounting after receiving their RMB. This makes it possible for China's largest and most active online shopping group members to use the RMB freely and directly purchase commodities denominated in foreign currency on the website of Alipay's overseas partners. It also creates unlimited business opportunities and opens up chances for hundreds of thousands of overseas merchants to make some outstanding results.
In August 2007, Alipay first starting the overseas third-party payment service was regarded as an innovation in cross-border online consuming. Online merchants all around the world could break through the bottleneck in cross-border payment and grasp the fleeting and precious opportunity through win-win cooperation with Alipay in China's highly potent consumer market.
Currency
12 Major Currencies Supported: GBP, HKD, USD, CHF, SGD, Skr, Nkr, Dkr, JPY, CAD, AUD and Euros.
Clearing bank
Bank of China，China Construction Bank
Rules
- Buyers shall be Chinese citizens over 18 years old that have been verified by Alipay's Real Name Authentification, with the daily trading volume not exceeding 30 thousand RMB (about 4,000 USD) and total annual trading volume not more than 45 thousand USD.
- Merchants will receive payment within two days of the transaction, providing that the liquidation quantity is no less than 5,000 USD or 40 thousand HKD. Refund is only allowed within 90 days of the transaction date.
- Merchants shall not provide Alipay users with any goods and services restricted or prohibited by any laws and regulations of the State. Merchants are responsible for ensuring that the goods and services are not prohibited by any laws and regulations.>>Prohibited Items
- Goods and services provided by merchants to Alipay users should accord with China's laws and regulations. Restricted items and services shall not be provided until they get the authorization from the relevant laws and regulations of China, or they are in accordance with specified qualifications.>>Restricted Items
Direct transaction
Alipay's cross-border payment service adopts the direct payment model instead of the third party guarantee service, which is to say that once, after buyers' paying in RMB, this sum of money will deducted by Alipay instantly from the buyer's account, then placed in the foreign merchant's account after foreign currency exchange. Alipay's cross-border payment goes as far as possible towards achieving perfectly harmonious market situations through convenient and favorable trading and communication.