AliPay - The most amazing way to pay

Source: https://www.concardis.com/fileadmin/redakteur/images/Markenlogos/Alipay.png

Hi again!

Today I'm gonna talk about AliPay, which is a Chinese digital payment method.  It is extremely handy when it comes to payments and money transfers. 

What is AliPay?

AliPay is a payment method developed by the Alibaba Group, which is owned by the famous e-commerce entrepreneur Jack Ma.

Why is it so cool?

AliPay is convenient than any of it's rivalry services. As an example you can use AliPay at a local market or to pay for your street food seller. Unfortunately ApplePay or AndroidPay won't be accepted by small business at the moment. 

How does it work?

Basically you bank card is linked to your AliPay account. There are two ways of paying for goods using AliPay. 

First method

First method is to scan the QR code at the shop and type in the amount that you want to transfer. Then simply confirm the amount and use your AliPay password to authorize the payment. (If you phone has a fingerprint scanner, you will be able to replace your password with your fingerprint). 

eg: small shops, street foods sellers, local markets, online services 

Second method

Second method is to pay at shops where you can find a computerized cash register. Once you finish shopping and your bill is finalized, the shop keeper will scan the QR which appears on your phone. It will automatically determine the amount to be payed via it's cash register machine and deduct it form your account. 

eg: Shopping malls, super markets

Source: http://www.paybang.com/wp-content/uploads/2017/03/6a-Copy.jpg

Why is AliPay unique? 

When it comes to inter-bank funds transfer, we call know it is a hectic task. You have to enter different codes which are unique to the bank and most probably it will take up some good amount of time to finalize the transfer. In AliPay, you can simply use the recipient's AliPay username and simply transfer it in few seconds. Nevertheless for security clearance it will take some time but most definitely it is a fraction of time compared to it's competitors. 

So basically, this service is currently available in China, and hopefully it will rollout to other parts of the world as well! 

If you want to know more about AliPay, check out the video bellow