Alipay, the online payment provider now controlled by Alibaba Group CEO Jack Ma, has reportedly reached an agreement to purchase Australian loyalty card and payment platform provider OnCard Payment’s Chinese business – BillToBill. Financial details of the deal were not disclosed.
The announcement of the deal comes just over a month after the ownership transfer dispute of Alipay was settled with Alibaba’s two largest shareholders, Yahoo and SoftBank.
Oncard Payments provides online payment services for customers on the websites of major airlines, including Cathay Pacific, Dragonair and EVA Air. Media reports claim this is the first acquisition to take place in the Chinese third-party payment industry since the change of regulation for payment businesses took place in May 2011.
Source: Business Strategies Group Hong Kong