Wednesday, February 02, 2005

Alibaba launches online payment service to compete eBay's PayPal

From the HindustanTimes: China's Alibaba launches online payment service

"PayPal solved the problems for US e-commerce and Alipay is the way we want to solve the Chinese e-commerce payment problem," Alibaba chief executive Jack Ma told Reuters in an interview."
"Alibaba, whose largest investor is Japan's Softbank Corp, had cash revenue of $68 million last year, more than double the $30 million in 2003. The company was "very profitable" and both revenue and profit were expected to double in 2005, Ma said." Read more
China Net Investor: Alibaba.com is a rapidly expanding online merchant serving small and medium-sized businesses in mainland China. Its consumer online auction unit, Taobao.com, is one of the most popular online auction sites in the country. Competitors are 1pai.com (Sina/Yahoo) and EbayEachnet.

3 Comments:

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Yahoo News

Microsoft, Yahoo Reportedly Ready To Link Instant-Messaging Services (TechWeb via Yahoo! News)
Microsoft and Yahoo are expected to announce Wednesday interoperability between each other's instant messaging service, a move that could dramatically change a market that's been dominated by America Online Inc., a newspaper reported.


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