Alipay
Alipay is a mobile payment and digital services platform of Ant Group serving users in mainland China. It launched in 2004 as an e-commerce escrow account and, as of March 2025, connected more than 1 billion consumers with over 80 million merchants. Its operator, Alipay (China) Network Technology Co., received one of the first payment business licenses in 2011. Alipay says it does not support virtual currency trading or related services.
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Key facts
2004–2025From E-Commerce Escrow to Digital Services Platform
Alipay launched in 2004 as an e-commerce escrow account to build trust between online sellers and buyers, and grew into a platform for payments, e-commerce, digital finance and public services. As of March 2025 it connected more than 1 billion consumers with over 80 million merchants in China.[1]
May 2011Among the First Licensed Payment Institutions
On May 26, 2011, the People’s Bank of China published the first list of 27 companies granted payment business licenses. Alipay (China) Network Technology Co. was among them, receiving its license on May 18 along with China UMS and Tenpay.[2]
November 2020Parent Ant Group’s Listing Suspended
Ant Group had been due to list on the Shanghai Stock Exchange’s STAR Market on November 5, 2020. On November 3 the exchange suspended the listing because regulators had jointly met its actual controller, chairman and chief executive, and its fintech regulatory environment had changed.[3]
June 2021Central Bank Meeting on Crypto Trading
In June 2021 the People’s Bank of China summoned Alipay, the Industrial and Commercial Bank of China and others over services for speculative crypto trading and required them to cut off payment channels for it. The institutions said they would not take part in virtual currency business.[4]
July 2023Ant Group Fined 7.123 Billion Yuan
On July 7, 2023, Chinese financial regulators fined Ant Group and its affiliates 7.123 billion yuan, including confiscated illegal gains, over past violations in areas including corporate governance, payment and settlement, and anti-money laundering, and ordered its Xianghubao mutual-aid service shut down.[5]
October 2026Denial of Crypto Trading via Third-Party Platforms
Peer is a peer-to-peer crypto marketplace built on the ZKP2P protocol: sellers lock USDC in an onchain escrow contract, buyers pay them directly through everyday payment apps, and the contract releases the tokens after the payment is verified cryptographically.[6]
On October 27, 2026, Peer announced on X that Alipay was live on its platform in beta, letting users buy USDC by paying a seller in yuan through Alipay, or sell USDC and be paid in yuan on Alipay.[7]
On October 28 Alipay’s official account replied: “Alipay does not support virtual currency (crypto) trading or related services.” It called claims that Alipay enables crypto purchases on third-party platforms false and unauthorized.[8]
Peer said it had no formal relationship with Alipay and that, since August 21, 2026, the feature had handled 107 transactions by 45 buyers totaling about $7,094.[9]
Sources
- What is Alipay, and how does it work? (opens in a new window)
- 央行颁布首批第三方支付牌照27家企业名单 (opens in a new window) (in Chinese)
- 关于暂缓蚂蚁科技集团股份有限公司科创板上市的决定 (opens in a new window) (in Chinese)
- 人民银行就虚拟货币交易炒作问题约谈部分银行和支付机构 (opens in a new window) (in Chinese)
- 中国金融管理部门对蚂蚁集团及旗下机构处以罚款71.23亿元 (opens in a new window) (in Chinese)
- What is Peer? | Peer Docs (opens in a new window)
- Peer on X: "Alipay is live on Peer in Beta 🇨🇳 Buy USDC by paying a seller in CNY, or sell USDC and get paid in CNY on Alipay. Guides and support in Chinese live on @Peer_zh." / X (opens in a new window)
- Alipay on X: "@peerxyz @Peer_zh Alipay does not support virtual currency (crypto) trading or related services. Claims that Alipay enables crypto purchases on third-party platforms are false and unauthorized. We remind users to exercise caution to protect their funds and account safety." / X (opens in a new window)
- Alipay denies supporting crypto trading via third-party platforms (opens in a new window)