Alipay (China) Network Technology Co., Ltd.：creating service models and building credit system

Company Profile
Alipay (China) Network Technology Co., Ltd., a leading independent third-party payment platform, is an affiliate of Alibaba Group. It is committed to providing a simpler, safer and faster online payment solution to the e-commerce in China.
 
Challenge
Over the past three decades of reform and opening-up, China has made an unprecedented development in her comprehensive strength. However, the long-term international economic situation has brought instability to export business, one of the three driving forces of China’s economic development. Naturally, the stimulation of domestic demand and the construction of a solid credit system have become an important strategy for our country to maintain a higher-speed economic growth and realize economic transformation. It is also Alipay’s greatest social responsibility. After this round of crisis, people have realized the necessity to build a new commercial civilization under the prerequisite of integrity, transparency, responsibility and globalization.
 
Solutions
Alipay is committed to creating service model, expanding service scale, building a good consumption credit system and boosting the construction of social integrity. It has taken the construction of credit system as its greatest social responsibility.
As a company with trust as core value, Alipay has taken the lead in launching the secured transaction mode in the world, and solved the trust problem in China’s e-commerce. It will promote the new commercial civilization through building a comprehensive credit evaluation system, which covers individual users and merchants.
Based on its massive users and transaction data accumulated over the past years, Alipay has built an e-commerce credit system with full coverage of merchants and individual users. The specific credit evaluation includes hundreds of evaluation indicators in a dozen categories. Through these indicators and a certain design model, the credit system evaluates the merchants and their personal information in a real time, and then gives them a credit evaluation value. In November, 2008, Alipay officially introduced the first 14 Alipay’s credible merchants including Giordano, promising it will be responsible for full compensation if they do fraud to customers. Since that time, Alipay’s merchant credit evaluation system has emerged in the market.
 
Achievements
Only within 10 months, the number of Alipay’s users increased from 100 million to 200 million. On 14 March, 2010, Alipay announced this number exceeded 300 million, which is the first time for a third-party payment company in China to achieve such amazing performance over another span of nine months. By the end of December, 2012, Alipay’s largest daily trading volume exceeded 20 billion yuan, with 105.8 million transactions in a single day.
In 2008, at the 8th China Network Media Forum, hosted by All-China Journalists Association and 15 major websites, and guided by the State Council Information Office, Wangchen, Deputy Minister of the Central Propaganda Department and Director of the State Council Information Office, spoke highly of Alipay for its low rate of assets loss of less than 0.001 percent. Wang said “we have purified our internet environment and achieved positive results by the introduction of “Alipay”, “Alibaba Trustpass” and other network services and products, and the internet service credit rating.”
 
Prospect
In the future, Alipay will create a complete credit system covering individuals and merchants to promote internet consumption to be the mainstream of society. It will gradually implement and improve credit rating system for both individuals and merchants, so that we can provide better treatment to those with good credit, and promote the development and improvement of credit system in the whole society.