The way we pay: Alibaba’s electronic payment system leading transaction revolution
Alibaba’s bid to be “bigger than Walmart” prompts competitors to boost their online facilities, writes Tara Loader Wilkinson
Chinese billionaire Jack Ma is changing the way we pay for things forever.
Ma’s home-grown online retail giant, Alibaba Group, which became the world’s largest initial public offering when it listed its shares in New York, is seeking to grow in the United States through its Alipay unit, part of Ma’s plan to be “bigger than Walmart”. Ma says he is interested in partnering with Apple in payments, which also jumped into phone-only payments in September last year with the launch of Apple Pay.
Alibaba’s move has prompted competitors to boost their online electronic payment facilities, which could change the way consumers pay for things forever.
EBay says it will spin-off its PayPal unit into a separate publically traded company by the end of next year. Facebook and Twitter say they may expand into payments through social networks. And Google, Amazon and other smaller platforms are planning online payment services.
Apple in September launched an online payment facility linked to its iPhone 6, called Apple Pay, which will work at McDonalds, Macy’s and others. Apple’s CEO Tim Cook says a million credit cards were activated on Apple Pay within the first three days of Apple Pay’s launch.
But the question is, will online payment systems become the new checkout stand alternative or will it take a while to establish trust?
