Alipay to launch wallet app upgrade next month

Alibaba Group Holding Ltd's Alipay - China's largest e-payments company - will launch a new version of its wallet mobile app in November that will allow offline transactions via sound wave technology.

The upgrade, along with other new features, will consolidate its already solid position in the mobile payment market, enhance online-to-offline payment solutions and fend off rivals such as WeChat, industry observers said.

Alipay's Wallet 7.6 will enable the transfer of funds even when users don't have access to the Web, moving beyond barcode or QR code recognition, said Fan Zhiming, the president of Alibaba's small and micro financial services unit.