What is Alipay, you asked?
It is the Chinese equivalent of Paypal.
Launched by Alibaba Group, Alipay (支付宝 ZhiFuBao) Payment is a third-party online payment platform, with over 300 million users and half of China’s online payment market in February 2014.
Every business needs Alipay, but how easy is it to navigate?
Not very much, but I happened to be one of those people who can use Alipay with ease 🙂
And today, I’m gonna help you understand Alipay through 8 FAQs.
Alipay for business
Alipay was first developed for Alibaba group’s Tmall and TaoBao, but now become the sole payment method accepted in many places. Thanks to Alibaba group’s wide spread business families.
For instance, SINA Weibo only accept Alipay, therefore you would have no choice but use it if you want to do Weibo marketing campaign.
Q: How much does Alipay service fee cost?
For unverified Alipay users
Monthly transfer < 500 RMB Free Monthly transfer > 500 RMB 1% * amount – 500 RMB. Month Max fee = 40 RMB
For verified Alipay users
Monthly transfer < 5000 RMB Free Monthly transfer > 500 RMB 1% * amount – 5000 RMB. Month Max fee = 40 RMB
Q: Do I need a Chinese bank account to register Alipay for business?
Yes! Alipay requires a Chinese bank account for account registration.
Check here for banks that support Alipay.
Q: What is the daily transaction limit for Alipay business?
Alipay has no daily transaction limit. But depends on the bank that connect to Alipay, the daily limit can be from 3 000 RMB to 20 000 RMB.
Q: Can foreigner use Alipay?
Yes! Foreigners with a Chinese bank account can apply for an Alipay account.
Q: Does Alipay support cross boarder transactions?
Alipay support internet bank transactions from HonKong banks account, through It does not support transactions from other countries.
Q: Does Alipay accept foreign currency transaction?
No, Alipay only support CNY, thus all transactions are converted when in-and-out China.
Q: Can foreign passport holder apply for verified Alipay account?
Yes! Foreign passport holders need to fill out the form for foreign user verification and provide following documents:
- A copy of the Passport
- A Chinese guarantor’s identity card
- A Letter of undertaking signed by Chinese guarantor;
- Chinese bank account
Q: Can foreign companies apply for verified business account?
No, Alipay require Chinese business license when applying for Alipay for business