12 years into business, Alipay has grown into the world's most valuable fintech services provider and the unquestionable leader of China’s online payment market. In 2014, Alipay processed 140 million transactions per day, while the banking system in China handled 170 million non-cash transactions on average every day (this includes bills, cards and electronic transfers). What did Alipay do to disrupt and win the payment market?
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Making it rain…Chinese Red Packets
When it comes to China’s New Year celebrations, the traditional greeting is no longer “Happy New Year” but “How many digital red packets did you get?” With 409,000 digital red packets sent and received every second via smartphones this year, I hope you got quite a few.