Alipay Mobile vs. PayPal Mobile
Alipay (China Paypal ) is a gigantic E-payment service - over 60% of all electronic payments in China go through Alipay, and they are on a rate of trillion dollars annually.
I saw an interview for Elon Musk, he was calling for PayPal to transform itself into something that looks very much like Alipay does today. Musk predicted that if PayPal became a full-service bank it could eventually hit a market cap worth $100 billion. He mentioned that Paypal needs to offer all the services of a bank: accept direct deposit, offer checking accounts and, most importantly, pay interest.
When it comes to Alipay, people tend to use words like social, breakthrough business model, money-saving, multiple payment scenario, daily life related, personal, variety
When it comes to PayPal, people tend to use words like limited payment options, not saving money….
With all the features that it has, Alipay becomes an indispensable part of someone’s daily experience. It can truly help them have a better life, connecting with their needs, their money, their friends all in a single place.
Alipay has the following features:
- Cutting-edge technology:
sound wave technology - it allows users pay through phone speaker, No Internet Required.
Gesture login, invisible Gesture for security, analyze spending behavior and compare with others (e.g., you are ahead of 60% users), words cater for young generation, tally book, buy bus ticket/ air ticket, food ordering,
- Multiple payment methods:
on-site, real-world payments (bar code, QR code, split payment. unique QR code for identity, sound-wave payment)
- Multiple App usage scenario:
Buy bus tickets / air tickets, buy game point cards, Food ordering, student card
- Integrated with Taobao/ Tmall seamlessly and frictionlessly:
Users can check their shopping records in Taobao and shipping delivery status,
- Social media features are embedded:
share with friends about your badge, participate in New Year holiday red pocket sending to friends or family.
- Breakthroughs in business model:
earn interest(Yuebao), coupon list / VIP membership card, transfer money to bank account within two hours.
- No Dependencies:
alipay is totally independent (you can do everything without PC). In contrast, paypal mobile rely on web - add bank info need to use PC
|| Alipay mobile ( online payment + offline payment )
|| Gesture Password (Supports invisible gesture)
||Login with password
My password is super complicated, so typing the password is troublesome.
PayPal allows users to login with a user predefined PIN number, but there is no clear clue to tell users where to setup.
|| 1. Sending money by adding transferee’s phone number or email address
2. Show payment code to others to pay (support both QR code and bar code)
3. Pay by scanning other people’s QR code, each person has a unique QR code for identity, this is created by default at the time of account setup.
4. Pay by taking photos of credit / debit cards - Accept Direct Deposit
5. Pay via mobile speaker - sound wave technology
– pressing a button causes the phone to emit a sound wave which, when directed towards a sensor causes the payment processor to extract funds from the Alipay Wallet. Alibaba said that sensors cost RMB 50 (about $8) a pop for retailers.
6. Split Payment by holding a button simultaneously - “Split the bill”
After someone has paid for a group purchase – say, dinner – users can all get out their cellphones and hold the “AA” button simultaneously and and they’ll automatically be grouped together. The recipient then presses a “receive payment button,” enters the amount to be divided, confirms the participants, and then collects the take.
7. Fingerprint payment partnering with Samsung Galaxy
|1. Sending money by adding transferee’s phone number or email address
2. Show payment code to others to pay (QR code only, no support for bar codes)
3. PayPal HERE 4. PayPal Beacon
|| Add bank accounts easily by inputing card number or taking photos; bank balance is available
||No place to add bank accounts, can only view & delete, so paypal mobile has dependencies - it relies on web access
Also no way to check bank balance
|Coupon Code& VIP card
||Taobao has a coupon aggregation function: it concentrates a bunch of coupon code / store membership card.
When users go shopping, those coupons / membership cards will save money for them.
||Unlike credit cards, using PayPal has no cash back. So by using PayPal, the user, to some extent, is losing money.
We have coupon aggregation function in RedLaser (an eBay app), but not too many people know.
-an aggregation of services and functions, including:
1. Transfer Money: Transfer/ International Transfer, Offline payment via phone speaker
Transfer money to other bank accounts with payment made within two hours | Transfer money to other Alipay accounts
2. Payment：pay credit card bills with no fee levied, pay utility bills with no extra fee levied, top up mobile phone with credit
3. Other Financial Related：loan, insurance, lottery, donation, tally book, check bank balance
4. Taobao Service Related: Use to check-out on shopping apps Tmall.com and Taobao.com (these are escrow services), check Taobao shopping record, goods delivery tracking
5. Daily Life Related：Buy bus tickets / air tickets, buy game point cards, Food ordering, student card
Example: Food ordering service
Other examples: Booking air tickets, find a taxi, buy lottery
PayPal function is more focus:
Payment + Shop
|Money Spending Analysis
|| Money spending analysis function which is similar to mint.com, aimed at organizing and categorizing spending. This can be very useful for individual budgeting and money management.
|| Account history is very simple, with no useful analysis of spending.
|| Based on your expenditure record, user is given a badge. And you can share it with your friends via weibo (China Twitter), laiwang, etc.
|| For content design, Alibaba uses a lot of words to cater to a younger generation, for they think that young people are the trendsetters and the main force of purchasing power today and tomorrow.