Alipay plans family-based account services to gain users
Alipay, China's largest third-party payment platform, plans to launch family-based account services, similar to the additional cards issued by banks.
Alipay, China's largest third-party payment platform, plans to launch family-based account services, similar to the additional cards issued by banks, caijing.com.cn has reported.
In China, many banks offer additional cards to those close to primary cardholders, such as spouses, parents or children, who can then gain limited access to benefits and privileges of the bank accounts.
Users of Alipay, the online payment subsidiary of China's biggest e-commerce company Alibaba Group, will be allowed to open sub-accounts and authorize family members or friends to use them.
Primary Alipay account holders can set permissions in their sub-accounts, such as the maximum payment amount or sum invested on the fund platform Yu'e Bao. Yu'e Bao, which is linked to Alipay, has a higher one-year interest rate than banks do for one-year deposits.
Analysts say the new service aims to attract both older and younger customers to use Alipay for daily expenses. It's expected that the product will be available when Alipay undergoes its latest update in July.
Alipay has more than 350 million registered users and 270 million monthly active users. As mobile payments pick up speed in China, Alibaba has teamed up with many brands and supermarket chains to help expand the popularity and reach of Alipay.
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