China Industrial Bank Join Alipay's Quick Pay

China Industrial Bank Join Alipay's Quick Pay

Tencent Tech, 6/09/11

Chinese e-commerce conglomerate Alibaba Group and the China Industrial Bank (CIB) announced today that CIB has connected its systems to Alibaba payment subsidiary Alipay's Quick Pay online payment-by-credit-card service. The service allows CIB account holders who have not signed up for internet banking to use Quick Pay to complete transactions using their CIB debit or credit cards. Quick Pay currently supports 108 banks.

In addition to working with Alibaba on Quick Pay, the CIB will also join with Alipay and Taobao to launch a co-branded CIB/Taobao credit card, for which Alipay will provide billing history services. Holders of the card will be able to log into Alipay to check their monthly billing history under the "Credit/Cash-Back" tab of the Alipay interface, and request cash-back services through Alipay.

The CIB has also tied its credit card points system to Taobao's reward points system for online purchases. Holders of a CIB/Taobao credit card who purchase items on Taobao through Quick Pay will stand to win prizes and use reward points towards purchases.


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