Alibaba Group to invest in online payments

Global e-commerce company Alibaba Group has announced they are
to invest RMB5 billion ($732 million) in Alipay, China’s largest
online payment network.

The investment, which will be spread over five years, is
designed to upgrade the payment solution for e-commerce in China
and around the world.

“Online payment will continue to play an ever-growing and
significant role in the development of e-commerce as well as the
stimulation of consumer demand,” said Lucy Peng, CEO of Alipay and
CPO of Alibaba Group. “Consumers expect a safe, convenient and
affordable globalised payment platform. That’s what we have offered
since the creation of Alipay, and with this investment we aim to
continue playing a fundamental role in the ongoing development of
e-commerce in China and around the world.”

The money will be used to enhance infrastructure security;
develop products to improve convenience for customers; grow
consumer accounts; build a comprehensive network of merchants; and
retain and attract top-tier talent from the payments industry.

“A truly first-rate payment infrastructure must be one that
offers unquestionable security and an excellent user experience. It
must be universally accepted by consumers and merchants. Only a
platform with these qualities will be able to meet the growing
demands of the hundreds of millions of consumers embracing retail
e-commerce,” said Peng.

Alipay will also commit additional resources into online safety
and security, risk and data management, as well as innovate in new
technology areas such as mobile payments.