Payment protection is already in place, and consumers will only buy it with confidence tomorrow. On November 10th, the reporter learned from Alipay that the intelligent payment guarantees the system will ensure the smoothness of the purchase process. Tmall’s Double 11 shopping will experience high stability. At the same time, biopayment, 70 kinds of consumer insurance and District Blockchain Technology will also protect the consumer.
This is Tmall’s tenth year in the Double 11 sales. The amounts of payment are getting bigger and bigger, and the payment guarantee system is getting more reliable each time. The reporter learned that the cloud computing system independently developed by Alibaba and the OceanBase database is sufficient to carry all the traffic of the double 11 and ensure the smooth shopping experience of the consumers with high stability. Ant Financial Service’s CTO Cheng Li also said that since this year, the payment guarantee system could automatically calculate and adjust to intelligently avoid risks and ensure safety.
As the 11th of November is approaching, consumers are concerned about how they would pay faster to buy their favourite goods. Ms. Liu of Hangzhou has already set the “Ant Check Later” as the first in the payment order of Alipay and has transferred enough money to the Alipay account’s balance. She said, “From the experience of the past few years, I have to grab the best products as soon as ‘Double 11’ sale starts. It is just that the payments of Ant Check Later and Balance are really fast.”
It is understood that in order to allow users to purchase smoothly, Alipay has been exploring a variety of new technologies such as fingerprint and face based payments on the biometric technology. These technologies will become the mainstream of this year’s Double 11. Statistics show that it takes 3 seconds to enter a 6-digit password but fingerprint payment takes only 1 second or even less, which immensely shortens the payment time. And the face payment also provides convenience for the senior citizens to participate in the double 11 snap-up, and then do not have to worry about the wrong password.
In fact, fingerprints and face-to-face payments are not only convenient but also secure. According to Alipay, during the double 11’s sale period, the risk-aware module detects black-product attacks, and the risk control engine automatically updates the risk model to significantly improve the risk interception efficiency.
In order to sell the double 11 merchants smoothly and consumers to buy with confidence, the six categories of 70 kinds of consumer insurance have been in place, which is covered by 13 insurance companies including Ant Insurance, PICC P&C Insurance, CPIC Property Insurance, and China Life Insurance. For businesses and consumers, this year, overseas ‘hands-on’ cross-border shopping will also enjoy return insurance for the first time. Ant insurance also teamed up to launch a ‘price insurance’. In the 15 days after the purchase of the flat, the consumer can reduce the price of the goods. The difference can be applied to the insurance company for settlement. After the compensation is passed, the insurance company will pay the difference to the consumer.
In addition, Ant Financial also applied the blockchain technology scale to Tmall Double 11 for the first time. In Tmall’s International Mall, more than 150 million cross-border products from hundreds of countries and regions ranging from diamonds to milk powder to health products and so on are equipped with blockchain ID card. Consumers only need to open Alipay, Tian Cats and Taobao to sweep the entire link information of important links such as overseas procurement and domestic distribution. It is reported that Wuchang rice, Maotai, Pingwu honey and other commodities also use blockchain traceability technology.
This is going to be a huge night for the Chinese businesses and consumers all around China. The future of shopping is here and China seems to be leading the global race. Alibaba is surely going to be the Global Bellwether tonight.