Alipay to charge for transfers to personal bank accounts from October 2016

Alibaba’s electronic payment system will charge individuals 0.1 per cent for amounts over 20,000 yuan to offset rising costs.

 

Alipay, the payment service provider owned by tech giant Alibaba Group, will begin charging Chinese users for money transfers made to personal bank accounts from next month. Starting from October 12, Alipay’s individual users will need to pay a fee of 0.1 per cent on digital transfers to bank accounts where the accumulated sum exceeds 20,000 yuan (HK$23,200), the company said in a statement on Monday. The minimum fee per transfer will be set at 0.1 yuan, it said.

“The new charge is being imposed to offset rising operating costs, Alipay said in the statement.”

“While we are providing more and more convenient and secure services, Alipay’s operating cost has been increasing at a relatively fast pace,” it said.In terms of transaction value of mobile payment, the market share of Alipay in the first quarter reached 63.4 per cent, a study by Beijing-based internet consulting company Analysys International showed.

Tenpay, internet giant Tencent’s mobile payment technology that drives WeChat Wallet, had 23 per cent of the Chinese mobile payment market in the first quarter. Analysys’ study said the total transaction value via mobile payments in China amounted to 5.97 trillion yuan in the first quarter of 2016, an increase of 5.34 per cent from the previous quarter.

While Alipay’s new transaction fee will be levied on individual users, withdrawals to bank accounts by merchants under Taobao and Tmall, Alibaba’s e-commerce sites, remain free of charge.

“It’s not a bad thing that small merchants are exempted from the new charge,” said Kelvin Lau, who runs a store selling face masks and wearable children’s car seats on Taobao.

“If the fees on withdrawing money from Alipay to banks expand to small merchants, we have no choice but to pay for it as Alipay is the main channel for us to receive money from consumers.”

“WeChat Wallet, Alipay’s biggest rival, began charging similar fees in February this year. Their charge is also set at 0.1 per cent and is levied on digital transfers to bank accounts when the accumulated transaction value exceeds 1,000 yuan”

Defaulting to Mindfulness: The Third Person Effect

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  • Welsh novelist Sarah Waters sums it up eloquently
  • In their classic book, Creativity in Business, based on a popular course they co-taught
  • Novelist and screenwriter Steven Pressfield
  • A possible off-the-wall idea or solution appears like a blip and disappears without us even realizing

The short answer is yes. According to Kross, when you think of yourself as another person, it allows you give yourself more objective, helpful feedback.

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Both of these assumptions, of course, could be entirely false. Self-censoring is firmly rooted in our experiences with mistakes in the past and not the present

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