Alipay.com Co from Hangzhou yesterday received an investment commitment of 5 billion yuan (US$0.7 billion) over the next five years.

Alibaba Group, Alipay's parent company, decided to build a safe and convenient payment platform with the investment for global e-commerce.

Alipay.com Co, launched in 2004, is China's leading online payment service by both number of users and total transaction volume.

Source: Hangzhou Daily