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Ant Financial's third party payment product Alipay already finished the compliance with the request from People’s Bank of China by January 14, 2018.
A person that is using Alipay on his personal computer. PHOTO: Credit to Alipay's Official Website
According to Ant Financial's Official Website, its third party payment product Alipay (支付宝) already finished the compliance with the request from People's Bank of China, and Ant Financial has completed the process of Custody of Clients' Reserves of Payment Institutions, Clients' Account Setup and The Determination of Direct Connection to Banks by January 14, 2018.
Alipay is the leading online and offline third party payment tool that is popular in China and worldwide. It has more than 1 billion product users, and more than 70% of the users are using Alipay within China. By running such a popular and successful product, Ant Financial has accumulated the reputation and build its credit system Sesame Credit (芝麻信用) based on the Alipay, and Sesame Credit is the basis of Ant Financial's strategic layout worldwide or in China.
As we can see from the chart below, the third party payment industry develops very fast in China, whilst the volume of third party payment has reaches USD 34.01 Trillion in 2018. However, the predicted growth rate is decreasing since 2019, this is a perfect time for the third party payment industry to justify for standardization.