Alipay abruptly ends in-store payment program

08/27/2013 | Bloomberg · China Daily (Beijing)

Alipay, the payment processing affiliate owned by Chinese e-commerce giant Alibaba, has ended its offline payment service, a move that comes amid increasing competition within the country's financial sector. "Alibaba's expansion in financial services online has convinced a lot of people there is potential to make money, and the traditional banks would like to join in," said analyst Ricky Lai.

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Bloomberg · China Daily (Beijing)

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