Retail in Asia

In Trends

China’s Alipay sets up online payment security fund

Alipay, the e-payment affiliate of the Alibaba Group, is setting up a CNY40-million (USD6.5 million) online payment security fund to be used for research into online payment security issues and for supporting companies that develop security software.

Alizila, the e-commerce news website of the Alibaba Group, reported that the fund will focus on mobile payments and in companies that are researching defensive software against phishing websites, Trojan horse malware and other malicious online software.

It said Alipay, anti-phishing organizations and browser companies shut down 155,282 phishing websites, 0r 44 percent of the total number of phishing websites globally.

Alipay Wallet, Alipay’s mobile payment application has more than 100 million users.