——CCB and Alibaba go hand in hand to tap the B2B domain.

Oct. 24, 2006—China Construction Bank (CCB) and China.Alibaba.com (Alibaba) held a press conference for the anniversary of signing their strategic cooperation agreement and the issuance of Alipay Long Card in Hangzhou. Alipay Long Card is the first joint debit card for e-commerce in China and provides Alipay for all businesses. It is another breakthrough in the products innovation after both sides signed bank-enterprise strategic cooperation agreement one year ago. And it signifies that both sides have entered a new stage for their cooperation. CEO of Alibaba Mr. Ma Yun and President of CCB Mr. Zhang Jianguo attended this press conference.

Alipay Long Card is a bank card tailored to online-buying customers, based on creating the concept of happy purchasing online. Cardholders can access all functions of CCB Long debit card and also can receive all services provided by Alipay.com. After cardholders sign the agreement of linking their accounts of Alipay.com to their Alipay Long Card at CCB outlets, they can directly finish their payment online through the platform of Alipay.com when logging onto their accounts of Alipay.com. Meanwhile, cardholders can access the enquiry service of account balance and payment line of Alipay Long card through Alipay.com. 

Thanks to the high value-added Alipay Long card, e.g. to enjoy exclusive treatment on Alipay.com, to get your card today and to open your shop today after the authentication, it is very appealing to E-commerce practitioners. Reportedly, the two parties will continue to offer more services for customers according to their needs based on the current functions of the card, including balance transfer from Alipay.com account to Alipay Long Card, cash withdrawal at CCB outlets and ATMs, using cards at shopping malls and etc.

Alibaba said that there were nearly 50 million online purchasers, yet less than 20 million users opening online banking payment function. The channel for online payment has become one of barriers to hinder the development of E-commerce. As a new thought of completed payment channel, Alipay card is a breakthrough for China’s E-payment and will provide a fast way for common people to participate in e-commerce. That is to say, you can enjoy the e-commerce just with a bank card.

CCB indicated that today with the fast internet development, e-commerce brings about the impetus for banks reforms and development, and banks participation also provides necessary guarantee for the growth of internet-based trade. Since entering into online payment, CCB has always tracked changes of customers needs and continued to upgrade its online-banking system and make innovations over payment and settlement products. The launch of Alipay Long Card will surely help CCB take the lead in the field of online payment in China.

According to insiders, early in last November, CCB signed a comprehensive bank-enterprise strategic cooperation agreement with Alibaba in Beijing. And both sides agreed to become a long-term strategic cooperation partners in all businesses such as banking products, services, innovations and technologies. On the occasion of the anniversary of cooperation, both sides jointly launched the new product—Alipay Long Card, which not only means an important achievement of cooperation, but also means a new achievement for both parties in tapping new models of e-payment, exploring debit card application and enriching debit card functions. After both sides enter into an in-depth cooperation in e-banking, corporate banking, retail banking, they will carve out new fields of cooperation in credit exchange, credit appreciation, wealth management and etc.