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Alipay Starts to Charge for Cash Withdrawal from 12 October

Alipay said in a statement that it will start to charge service fee for cash withdrawal from 12 October 2016.

Individual users have a quota of RMB20,000 per year for balance transfer from Alipay account to bank deposit accounts, within which any withdrawal is free. Alipay will charge 0.1% service fee on each transaction if the total amount exceeds this quota.

Other than cash withdrawal, money transfer to personal bank accounts and Alipay accounts from Yu’E Bao (the online money-market fund run by Alibaba’s financial-services affiliate Ant Financial Services Group), continues to be free, as well as using Alipay for payment of goods and services, finance management, insurance, phone cards recharge, utilities bill, registration and traffic fines. Using Alipay mobile app to move money to Alipay account and to repay loan also remains free. Rebate points will still be awarded which can be used to pay for the service fee.

Meanwhile, Alipay merchants (including Taobao and Tmall sellers) moving money to bank from Alipay balance by way of “cash withdrawal” products continues to be free.

In the statement Alipay said that the charging a fee is due to “rising cost in operation.”

Content provided by Picture: HKTDC Research
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