SnapPay Inc. is pleased to offer its post-secondary Canadian partners an innovative student program in recognition of our AliPay partnership. Under this program, when the AliPay online payment system is adopted by an institution, SnapPay will dedicate its revenue from this institution to support student activities of its choice. Activities eligible for such support may include scholarships, bursary or other dedicated student activities. This program is establish to ensure that the benefits of adopting the AliPay platform go beyond the convenience and efficiency of this system to include a return to the general student body.
The Alipay Platform for Canada
AliPay is Alibaba Group’s online payment platform. It serves to facilitate payments for online transactions conducted on Alibaba e-commerce networks. It is the world’s largest online payment system with over 540 million international users accounting for 56 percent of all mobile payments in China in 2016. It allows the use of RMB (Chinese currency) for payments for international transactions without the need to engage any banking channels for conversion into foreign currencies. Payments are made using a simple mobile device. The AliPay platform can be used for both personal and business transactions.
For Canadian education institutes, AliPay offers access to China’s largest on-line payment system to Chinese students in Canada. Students can now make payments for their application fees and academic tuitions at Canadian Universities using the convenience and security of AliPay. This method allows parents to bypass the restrictions of credit card and the cumbersome process of bank transfers when making such payments. This method of making payments on-line using AliPay is familiar to most Chinese parents and comports with the emerging payment habits in China. Other advantages of AliPay also include accountability and transparency in the management of student expenditures for Chinese parents.
Unlike alternative on-line payments systems such as WeChat Pay, adoption of the AliPay Platform does not require the establishment of a business entity by Canadian institutions in China.