Chinese online payment provider Alipay is receiving a CNY5 billion cash infusion to help the company expand its e-commerce business.
E-commerce behemoth Alibaba Group, which owns Alipay, will invest a total of CNY5 billion into Alipay over the next five years to upgrade the payment solution for e-commerce in China and around the world.
The new investment of CNY5 billion will be used to enhance infrastructure security; develop products to improve ease of use and convenience for customers; continue to grow consumer accounts; build a comprehensive network of merchants; and retain and attract top-tier talent from the finance and payments industry.
With this investment, Alipay will be able to attract and train a larger pool of talented professionals from the payments industry who will build a truly globalized and sophisticated e-commerce payment infrastructure. Alipay will also commit additional resources into online safety and security, risk management, as well as innovate in new technology areas such as mobile payments.