Alipay is E-Payment Service that allows buyers to pay for goods sold on international partner merchant websites using Renminbi (RMB). It is a third-party online payment platform with no transaction fees. It was launched in China in 2004 by Alibaba Group and its founder Jack Ma. As of December 2010, Alipay has more than 550 million users and facilitates around 8.5 million transactions every day and it control just under half of China's online payment market.
Alipay operates with more than 65 financial institutions including Visa, Mastercard, Maestro, Webmoney, QIWI to provide payment services to more than half million Chinese businesses. Internationally, more than 300 worldwide merchants use Alipay to sell directly to consumers in China. It currently supports transactions in 12 foreign currencies (USD, EUR, JPY, GBP, CAD, AUD, SGD, CHF, SEK, DKK, NOK, HKD)