HANGZHOU/HONG KONG -- To fully understand the changing concept of consumer credit in China, one need look no further than Alipay, the online payment platform operated by e-commerce giant Alibaba Group Holding's affiliate, Ant Financial Services Group.
With more than 520 million users predominantly in mainland China, Alipay handles over 200 million transactions a day, from routine purchases like groceries and taxi fares to less-obvious forms of payment, such as monetary offerings at temples.