Alipay

AliPay is a widely accessible digital payment solution developed by Alibaba Group and its founder, Jack Ma. It is now used on several Asia-focused crypto platforms.

Founded in 2004 by Jack Ma in Hangzhou, China, AliPay quickly became a game-changer both in China and globally, amassing over a billion users. The app offers a seamless deposit method that is available on mobile devices, enabling users to make instant purchases of goods and services, either online or in-store. AliPay transactions are secure, leveraging contact-free payment methods like QR code scanning. It is an affordable and convenient payment solution, available on select crypto sites that accept Alipay. Below, you’ll find a list of the top platforms where you can make fiat deposits using Alipay.

There are three crypto trading platforms and two crypto casinos that support Alipay as a deposit method, as shown in the toplists below.

Summary

AliPay is a digital payment platform that provides a digital wallet for users to make payments, deposits, and fiat transfers via QR codes. It is especially popular in China and offers fast, seamless transactions to a user base of over 1 billion. AliPay utilizes an escrow service to ensure secure transactions for both buyers and sellers. Several reputable crypto platforms, such as Binance, LocalBitcoins, and Paxful, accept AliPay as a deposit method. Below, you can find a list of the pros and cons of using AliPay to gain a deeper understanding of the service.

What is AliPay?

AliPay is a digital wallet application that enables users to make both in-store and online purchases using their smartphones. Users can scan QR codes provided by merchants for a smooth and easy transaction experience. The app also includes an escrow service that ensures secure transactions between buyers and sellers. AliPay is widely popular in China, boasting over a billion users and more than a million daily transactions. It offers access to tourists in China for up to 90 days without requiring a Chinese bank account. After that period, users must link their account to one with a Chinese currency. AliPay provides a safe, frictionless, and accessible payment solution, promoting business growth and new opportunities.

AliPay Costs

AliPay offers a fast, convenient, and affordable solution for payment transfers. The platform charges a merchant fee of 0.55% for every purchase. Internal transactions within the platform are free of charge. However, external transactions exceeding RMB 20,000 incur a 0.1% fee.

Transaction Speed for AliPay

AliPay provides instant transaction speeds for various types of payments. The time required to complete a transaction depends on the agreement period between parties due to the use of the escrow service. Many users choose AliPay for its fast transfer speed, especially when using QR codes for payments.

AliPay Deposits

1. Open the AliPay app and scan the QR code provided as a deposit option.
2. Confirm the deposit amount and enter the details.
3. Approve the transaction by entering your PIN code on your mobile device as your verification method.

Which are the main countries where AliPay is used?

AliPay is primarily used in China, where mobile payment solutions have seen widespread adoption. After becoming dominant in China, it has expanded to approximately 110 countries, including the United States, United Kingdom, Germany, Spain, and Italy. However, the application is banned in India due to a dispute with its country of origin, China.

Can you buy Bitcoin with AliPay?

Yes, many people use AliPay as their preferred deposit method when buying Bitcoin. You can also use AliPay to purchase other cryptocurrencies, such as Solana and BNB, along with Bitcoin, using this or other available deposit methods.

Can you purchase Ethereum with AliPay?

Yes, Ethereum is one of the preferred cryptocurrencies that can be purchased through AliPay. In less than 30 seconds, you can easily purchase Ethereum using the popular Chinese payment method, AliPay.

Can you withdraw with AliPay?

Yes, the platform allows users to withdraw all or part of their funds. Available withdrawal methods include banks, financial institutions, and payment providers, as well as peer-to-peer platforms like LocalBitcoins, Paxful, and Binance.

How is the reputation of AliPay?

AliPay is known as a fast, convenient, and affordable payment solution, making transactions seamless with its QR code scanner. It gained significant popularity in China, with more than half of the population using it. Overall, AliPay boasts over a billion users, which greatly contributes to its strong reputation. The platform supports settlements in over 10 currencies, increasing its accessibility to users across the globe. Recently, the platform’s ability to offer accounts without requiring a Chinese currency has been welcomed by tourists. However, this feature is limited to 90 days, after which users must link their accounts to a Chinese bank account.

Additionally, buyers appreciate AliPay’s buyer protection services, which provide full or partial refunds if goods do not match the seller’s description. Despite its strengths, there is some concern regarding the consumer spending data that AliPay has access to. Some users on online forums have also raised concerns about the platform not being insured by the FDIC.

AliPay is the second-largest mobile payment solution in China, with WeChat Pay being the dominant alternative, holding the title of the largest payment provider in China.

FAQ

Below are the most frequently asked questions about AliPay when it comes to crypto deposits. Still got any question? Feel free to contact us!

Is it safe to use AliPay for cryptocurrencies?

Yes, AliPay uses advanced technology to secure user accounts and protect privacy data. The platform also offers an escrow service that secures transactions until an agreement is made between buyers and sellers. However, it is advisable to double-check the details of QR codes as a buyer or merchant before confirming transactions to avoid scams. Always use official links, such as those provided by CryptoChipy, to minimize risks from spam.

How do I set up AliPay?

To set up AliPay, follow these steps:

1. Download the AliPay app and sign up using your phone number.
2. Set up a password and enable verification through Touch ID or PIN code.
3. Add your bank account card.
4. Enter your bank card details, including your name and other required information.
5. Verify your phone number and other information linked to your bank.
6. Once set up, you can make payments using your bank card information.

Is AliPay instant?

Yes, AliPay offers instant payments through its QR code scanning, which is one of the key reasons for its popularity.

When was AliPay founded?

AliPay was founded by Jack Ma in 2004.

Where is the mother company based?

AliPay’s parent company, Ant Financial, is based in Hangzhou, China.