Software “Chip” to Secure Mobile Payments

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Software “Chip” to Secure Mobile Payments

On Singles Day (11/11/16), the biggest shopping day of the year in China, 82% of all purchases on Alibaba.com, the China-based wholesale marketplace, were initiated by a mobile device. Those mobile payments amounted to almost $18 billion. Alipay, a business unit of Ant Financial Services Group, is the payment processor for online and mobile payments for all Alibaba Group marketplaces. The 30 million users of Alipay mobile wallets who reside outside of China, and who make payments on AliExpress, one of Alibaba Group’s retail marketplaces, use software from V-Key to secure transactions. ...

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