Alibaba Group will invest USD732 million into its online payment service, Alipay, over the next five years to upgrade capabilities across its global e-commerce network.
According to the company, the funds will be used to upgrade its security process, develop products and grow its base of merchant and client users.
“Online payment will continue to play an ever-growing and significant role in the development of e-commerce as well as the stimulation of consumer demand,” said Lucy Peng, CEO of Alipay and CPO of Alibaba Group. “Consumers expect a safe, convenient and affordable globalised payment platform. That’s what we have offered since the creation of Alipay and with this investment we aim to continue playing a fundamental role in the ongoing development of e-commerce in China and around the world.”