Alibaba will cooperate with Taiwan e-commerce service provider eDynamics to bring its online payment tool Alipay to the Taiwan market.
This cooperation means that buyers on the Chinese mainland will be able to use Alipay to purchase goods on eDynamics' oBuy. According to a representative from Alibaba, they have completed the development of a new product which is currently being tested and is expected to be put online soon. eDynamics has a number of partners in Taiwan, including U-City and Weibao 3G and its subsidiary oBuy has about 750 online stores across Taiwan.
At present, Alipay reportedly has more than 52 million users in Chinese mainland and accounts for over 50% of the online payment market in China. In late August, Alipay announced plans to cooperate with China Construction Bank and Bank of China to explore the overseas market and it then took a lead in establishing a partnership with Asiapay, one of the largest online payment companies in Hong Kong.