Asia PR News

HANGZHOU and NEW YORK, Dec. 20 /PRNewswire-AsiaNet/ –

As Millions of Chinese Consumers Flock to Internet to Purchase "Made in
America" Products, International Deal Seen as Windfall for U.S. Companies

In a move aimed at enabling consumers in Mainland China to buy directly
online from North American retailers, Alipay, China’s leading independent
third-party online payment platform and a subsidiary of Alibaba Group, today
announced a cooperation agreement with Philliou Selwanes Partners (PSP), a New
York City based consulting and advisory firm. PSP will be the cooperation
agency of Alipay to promote the acceptance of this Chinese payment service to
North American merchants.

As of November 2007, Alipay had more than 56 million users in China,
growing at a rate of more than 80,000 new registered users each day. Alipay’s
average daily transaction volume exceeds $23 million (USD), handling an
average 1,170,000 transactions each day.

Alipay has quickly become the online payment standard in China’s fast
developing e-commerce sector. According to independent research institute
analysis, Alipay is the largest online payment service provider in China with
a market share of over 54%. Alipay’s growth has both benefited from and
contributed to the rapid growth of e-commerce in China.

Mr. Jonathan Lu, President of Alipay, said, "Our mission is to make it
easy to do business anywhere. Now that Alipay is China’s most popular online
payment system, it’s a natural step for us to expand the service in North
America."

According to Mr. Philip J. Philliou, Partner at PSP, "as China has
undergone a meteoric economic expansion, the opportunities for U.S. retailers
have been limited by our differing payment systems. This alliance agreement
removes those barriers and opens up great new potential for North American
merchants to add millions of dollars in new sales volume from an untapped
marketplace." In the weeks ahead, PSP will be working with the select online
merchants and merchant acquirers to integrate Alipay into their payment mix
alongside other payment offerings.

To learn more about Alipay and its benefits for the payment system in the
US and Canada, please navigate to http://www.philliouselwanes.com/alipay.

About Alipay
Alipay is China’s largest independent third-party payment platform,
providing customers online payment and settlement service. It enables
individuals and businesses to send and receive payments online securely,
easily and quickly. For more information, visit www.alipay.com.

About Philliou Selwanes Partners (PSP)
PSP is a New York City-based consulting and advisory firm focused on the
financial services industry. The firm is a leader in developing new products
and payment related strategies for banks, payment networks, insurance
companies and retailers worldwide. For more information, visit
www.philliouselwanes.com.

Available Topic Expert(s): For information on the listed expert(s), click
appropriate link.
Philip Philliou
http://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=71031

SOURCE Alipay; Philliou Selwanes Partners

CONTACT: Philip Philliou, of Philliou Selwanes Partners,
+1-212-521-4442, for Alipay
Web site: http://www.philliouselwanes.com
http://www.alipay.com