HANGZHOU, China/HONG KONG To under-stand how dramatically the concept of consumer credit in China is changing, one need look no further than Alipay, the online payment platform operated by Alibaba Group Holding affiliate Ant Financial Services Group.
Boasting more than 800 million users, more than 65% of whom are in mainland China, Alipay handles over 200 million transactions a day, covering everything from taxi fares and grocery bills to monetary offerings at temples. In little more than a decade, it has become one of the largest online payment platforms in the world by user number and transaction volume.
