Alipay Brokers 2021 - Which Brokers Accept Alipay?

Alipay is the most popular e-wallet service and online payment method in China, followed by PayPal and WeChat Pay. Its primary product is the Alipay wallet app, which can be used for global and domestic payments. There is also the unique Tour Pass for foreigners and international bank account holders.

Before you login to your trading account, learn more about Alipay in this review as we uncover the sign-up process, as well its pros and cons. Find out if you should transfer with Alipay.

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Alipay Overview

Alipay was established in Hangzhou, China in 2004 by the Alibaba Group and its owner, Jack Ma. The company’s head office is located in Shanghai and is a subsidiary of Ant Group, a Chinese tech giant. In the last few years, the group has expanded globally, establishing other subsidiaries including Alipay Financial Services Hong Kong Limited, Alipay Singapore E-Commerce Private Limited and Alipay (UK) Limited.

At the end of 2018, Alipay had an estimated 55.32% market share of the third-party payments market in China, with over 100 million daily transactions and the number of users reaching over 1 billion. By June 2020, the company’s net profit reached $3 billion, with revenue of $10.5 billion.

According to recent news, the company was also expected to launch in 2020 as a stock IPO (Initial Public Offering), due to its strong history of growth and valuation. As a result, Alipay would become a publicly traded company on the IPO date, with its listing on the Shanghai and Hong Kong exchanges.

alipay logo

Pros Of Trading With Alipay

Mobile App

The Alipay mobile app is a convenient tool for traders who want to manage their trading deposits and account transactions whilst on the go. You can download the English app version or original Chinese version from the App Store or Google Play store.

Multiple Payment Channels Supported

Alipay is a third-party ewallet service and therefore supports multiple payment methods. Traders can deposit or withdraw using a topped up Alipay account balance, stored credit cards and debit cards, such as Visa and Mastercard, or other e-payment methods.

Secure

Alipay is a secure payment method which uses world-class security processes including QR code payment scanning and 3D secure technology. Deposits should be safe via Alipay, but traders should also check the security of their chosen broker.

Multiple Countries & Currencies

The Alipay ecosystem supports payments in multiple regions around the world, including Asia – primarily Hong Kong, Japan, Vietnam and Singapore, as well as Europe, including the UK, Italy and Norway, plus North America, Canada, Russia, Pakistan, Malaysia, Nepal, and Nigeria. It also supports transactions in 18 major foreign currencies, including USD, EUR, GBP, JPY, CAD, AUG and SGD.

Payment Protection

Alipay offers buyer payment protection up to 90 days for members, which fully reimburses unauthorised transactions. Traders can get in touch with customer service if they notice anything suspicious. Customers can also get a full refund on undelivered items when shopping on AliExpress. Details of the refund process are provided on the website.

Cons Of Trading With Alipay

Registration Restrictions

Alipay’s business model primarily only allows Chinese bank accounts to register, however, traders who do not have a Chinese bank account can use the Tour Pass. Tour Pass is a service provided by Bank of Shanghai, which allows visitors to top up a prepaid card within the app, using a foreign card. Note, however, that the service is only available for 90 days, which may be unsuitable for some traders.

Settlement Times

Traders should note that the settlement of funds will depend on the payment method chosen within the Alipay wallet, so you’ll need to check with the individual payment provider beforehand. Brokers will also have their own processing times.

Verification Needed

In order to create and set up your account, you will need to go through the KYC verification process by submitting your ID and possibly a copy of your Visa if you are a visitor in China. Alipay is therefore not as convenient as instant payment methods which don’t require account registration.

Speed

Deposits and withdrawals via Alipay are processed in real-time, with no need to fill out lengthy payment forms and personal details for each deposit. Note, however, that the domestic and global remittance times will depend both on your chosen payment method and the broker you are joining.

Security

Alipay is safe and secure to use online, as it uses encryption protocols to protect customer transaction data, as well as 3D secure technology within the app to verify payments. 3D secure protects your transactions by sending you a one-time 6 digit password by SMS. The app also uses a QR code generator which makes contactless payments easier and more secure.

Deposits & Withdrawals

To fund your trading account using Alipay, look out for the blue logo in your platform and follow the instructions to login. Your broker will redirect you to the Alipay payment gateway, where you can select your payment method and confirm the transfer.

Depending on your circumstances, there may be a daily, monthly and yearly limit at Alipay, as well as a subsequent deposit or withdrawal limit set by your broker.

Fees

Alipay doesn’t charge transaction fees except for large withdrawals over 20,000 RMB which will include a 0.1% fee. If you’ve loaded your foreign prepaid card with another currency, there may also be exchange rate fees.

Due to merchant fees, your broker may also have their own pricing for deposits and withdrawals. For example, Key To Markets charges a 2.5% commission on deposits. You can usually find funding fees on the broker’s website.

Is Alipay A Good Choice For Traders?

Alipay is a good option for traders based in China, or for foreigners with an appropriate visitor’s visa who are eligible for the Tour Pass. The method is also safe and offers flexible account management via the app.

However, the accessibility of the payment method for those outside China and without a Chinese bank account is limited and therefore traders may need to look at other competitors, such as PayPal or Klarna.

FAQ

What is Alipay and how does it work?

Alipay is a payment processor and is a part of the Alibaba Group. The company offers convenient third-party payment integration for business and e-wallet services for customers. Traders will need to create an account using the app, which comes in Chinese and English. Once registered, you can load money into your account using a credit or debit card.

Is Alipay the same as PayPal?

Alipay is very similar to PayPal in that it provides an e-wallet service, meaning users can make domestic and international transfers as well as make payments online.

Is Alipay available in the UK?

Alipay members are able to pay with Alipay at some UK shops, due to a partnership with Barclaycard, the credit card brand of Barclays bank. Some forex brokers who offer their services to UK clients may also accept Alipay.

Is Alipay a credit card?

No, Alipay is a digital wallet and payment service which allows you to securely make purchases online. Alipay does not issue plastic cards, although the company recently launched Tour Pass for users with international bank accounts.

How do I get in contact with Alipay? 

For queries on how to delete an account or for any issues with your wallet, you can contact the customer service hotline at (852) 2245 3201. For global business and merchant account holders, there is a support email address and phone number hotline on the website.