Alibaba Group invests Rmb5 billion in Alipay
Alibaba Group has announced it will invest Rmb5 billion $732 million into its subsidiary Alipay to fund growth. The cash infusion will be used by the Chinese e-payment engine to enhance infrastructure security, improve the customer experience, grow the number of accounts, build a comprehensive network of merchants and retain and attract new top-tier talent from the payments industry.
Online payment will continue to play an ever-growing and significant role in the development of e-commerce as well as the stimulation of consumer demand, said Lucy Peng, chief executive of Alipay and chief people officer of Alibaba Group, in a statement. Consumers expect a safe, convenient and...
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