Joining hands with UnionPay, how does Alipay look?

Yu'ebao has opened up China's Internet financial market, and Ant Financial is China's Internet finance giant. In the payment business, Alipay is a strong competitor for any company that wants to get involved in this field. Now that Jingdong has teamed up with UnionPay, it is still unknown whether it can compete with Alipay, which has already been firmly established.

In fact, as early as December 2015, in response to the increasingly powerful Alipay, UnionPay launched a “cloud flash payment” with more than 20 commercial banks. Cardholders only need to generate a cloud flash payment card on the mobile banking bank. The payment is completed on the Pos machine of the "Flash Pay" logo. From cash transactions to credit card is an innovation, from credit card to mobile payment can be said to be a subversion. At that time, Xu Ling, vice president of Jingdong Finance, said that the QR code payment still needs an APP, and the cloud flash payment has no APP, which is undoubtedly safer and more convenient.

However, until now, under the premise that Alipay has cultivated the payment habits of some users, banks and other payment methods have no advantage. It is too early to talk about subversion.

Domestically licensed third-party payment institutions are mostly members of UnionPay's acquiring institutions, except for payment. It is understood that Alipay has previously found UnionPay, but it was rejected by UnionPay, so this has developed independently. Alipay official commented that we and the UnionPay have always had communication, and on the basis of jointly creating value for the merchants, we do not rule out the possibility of future cooperation.