Consumer finance firms, including third-party online payment companies and 18 national commercial banks, now have access to Taobao.com and Tmall.com, where the Double 11 online shopping festival will be held, Yicai.com reported.
Last year’s use of Alipay, Alibaba’s own digital payment method, peaked at 120,000 transactions per second during Double 11. This year, that figure is expected to reach 200,000 payments per second.
Meanwhile, some internet finance companies are focussing on providing financial services to small and medium e-commerce firms on different platforms, covering purchasing, warehousing, sales and logistics.
For example, online merchants can sell products that they’ve pledged to Zhejiang E-Commerce Bank, an Alibaba-backed internet private bank. The loans will be paid directly to the bank once consumers confirm they’ve received their products.
By the end of September, more than 2.75 million small and medium e-commerce companies have used the bank’s so-called supply chain financial service.