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$10B Settled on Alipay by Afternoon of Singles Day

Nov 12, 2015 11:31 AM   By Rapaport News
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RAPAPORT... Ten billion dollars were settled through third-party online payment platform Alipay on Alibaba’s China and international retail marketplaces as of 2.05pm China time on ‘Singles Day,’ the Chinese e-commerce giant said November 11. Of this, 70 percent was from mobile-phone transactions.

By 2pm, it had settled $7.1 billion in mobile sales from more than 70 million buyers, Alibaba added in its statement. The company’s affiliate, Cainiao Logistics, received 310 million delivery orders by the same time, compared with 278 million on last year’s Singles Day.

Alibaba earlier said $5 billionhad been settled through Alipay in the first hour and a half of the annual Chinese festival for bachelors. Singles Day takes place on November 11 each year and has become a key day in the retail calendar.
Tags: alibaba, Alipay, e-commerce, Rapaport News, retail, singles day
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