Perspectives
Alipay, China’s leading third-party online payment platform and a subsidiary of the Alibaba Group, has spinned off its reward points service as a wholly-owned subsidiary to tap the country’s booming e-commerce market.
Jifen Bao, the relaunched reward points platform, will be based in the eastern city of Nanjing, Jiangsu province, with an initial capital of 10 million yuan (1.57 million U.S. dollars). The service enables clients to redeem points to make small purchases on Alibaba’s e-commerce subsidiaries, such as Taobao, and to pay utility bills, company officials said Tuesday.