The recent Flipkart-FX Mart partnership is reminiscent of the relationship between Chinese e-commerce giant Alibaba and Alipay, a third party payment platform.
Launched in 2004 by Alibaba CEO Jack Ma, Alipay has over 350 million registered users in China and controls just under half of its online payment market. In 2014, 78.3 percent of Alibaba’s transactions happened through Alipay. This is three times the volume of eBay’s PayPal.
Although Alipay is not directly owned by Alibaba, it is operated by Ant Financial, a financial subsidiary that was spun off of the Alibaba Group. Coincidentally, Ant Financial recently bought a 25 percent stake in India’s leading payment platform, PayTM. In the past two years, PayTM launched its semi-closed wallet and an app for sellers. This places it in direct competition with e-commerce stores like Flipkart and Amazon.
For data, background and forecasts Flipkart or Alipay: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).