Alipay to upgrade payments safety

Thursday 10 April 2014 13:09 CET | News

Alipay, an affiliate of Alibaba Group and an online payment service in China, has revealed plans to set up a fund to promote security and safeguard user information.

According to Hu Xiaoming, chief risk officer Alibaba, cited by online media outlet Xinhua,, the company will invest USD 6.5 million in the fund and try to establish alliances with other institutions.

Under the guidance with government authorities, the fund will focus on phishing, Trojans, money laundering, hostile attacks and user information. Alipay will cooperate with banks, ecommerce peers, security software companies in the joint fund.

At the end of 2013, Alipay had almost 300 million registered users, including over 100 million who access services via mobile phones.

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Keywords: Alipay, mobile payments, online security, China
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime