Global agreement brings convenient and secure international payment option to under-banked and cash-reliant small traders via Western Union's Agent Network under the security of escrow on AliExpress.com
Dubai - UAE, July 17, 2011: The Western Union Company (NYSE:WU), a leader in global payment services, and Alibaba.com (HKSE: 1688) (1688.HK), a global leader in business-to-business e-commerce, today launched a service to enable entrepreneurs to buy goods sold online via AliExpress.com and make cash payments through participating Western Union® Agent locations.
Under an agreement signed between Alibaba.com and Western Union, millions of entrepreneurs around the world can now make on-line purchases via AliExpress.com and use Western Union's global walk-in cash payment solution for settlement.
Western Union and AliExpress expect it to become a key payment platform option in emerging or otherwise under-served markets such as Latin America, Eastern Europe, Middle East and Africa where entrepreneurs have limited payment options and rely on cash transactions to sustain and grow their businesses.
AliExpress.com is Alibaba.com's transaction-based e-commerce platform geared for buyers seeking fast shipment of small quantities of goods. The service will allow registered buyers to place orders directly through AliExpress.com and opt to pay cash at Western Union Agent locations in more than 160 countries and territories. Funds will be held in escrow by AliExpress.com and released to sellers upon buyers receiving their goods.
Western Union's global experience in moving cash in 120 currencies, combined with AliExpress.com's escrow function, provides small traders everywhere with a uniquely convenient and secure cash payment option for international trade.
Jean Claude Farah, Western Union's Senior Vice President for the Middle East and Africa said, "This global agreement brings together Western Union's unparalleled extensive urban and rural agent network and Alibaba.com's highly advanced e-commerce platform, which will assist the SMEs in the Middle East and across the world to better manage their cash flow and respond quickly to market needs. SMEs will not only benefit from expedited payments through Western Union but also real time notification, transaction tracking and strengthened reliability offered by AliExpress.com."
The UAE was ranked second in the world in the HSBC Trade Confidence Index (TCI) for H2 2010 and foreign trade is expected to increase by 20 per cent in 2011. The SME sector accounts for 98.5% of the businesses in the UAE, which is the third largest re-exporter in the world and one of the major exporters in the Middle East. In addition, more than half of UAE businesses expect to have global operations over the next two years, according to HSBC's bi-annual Small Business Confidence Monitor survey.
"The SME sector is the engine for the economic growth of the UAE and therein lies the need and opportunity for this new payment option. Whilst our electronic channels of money transfer are fast gaining importance and acceptance, cash transfer is the core of Western Union's business model and remains critical to our future growth", added Farah.
"Businesses turn to AliExpress to place their products and brand on the world stage to explore new markets, while also conducting product sourcing more efficiently, hence making their businesses more competitive", said Sabrina Peng, Vice President of Alibaba.com overseeing the company's international business operations and General Manager of AliExpress.com.
"Our mission is to make it easy to do business anywhere, and this agreement with Western Union is vital to offering our customers choice of payment, including cash, no matter where they are in the world. This service is particularly demanded by our users in emerging markets who are under-banked or under-served by other payment options. The more these small businesses can grow and thrive, the more jobs and economic opportunity we have for everyone", she said.
AliExpress.com: How Western Union's® Quick PaySM works?
The agreement with Western Union allows eligible registered buyers to use the Western Union® Quick PaySM service to make payment and be notified of payment within hours:
· Registered buyers places order directly through AliExpress.com and opt to pay cash using Western Union's Quick Pay service.
· A unique number is generated upon confirmation of the order.
· Buyers present a unique order number with the pre-defined AliExpress entity as the beneficiary of payment and complete a payments form at the closest participating Western Union® Agent location - a choice of more than 200,000 locations across 160 countries and territories. The unique order number confirmed to the buyer will be available on the Western Union Quick Pay system within an hour and for up to 20 days of on-line order placement.
· Western Union's agent counter can verify the unique order number against the system record transmitted from AliExpress.com's system to Western Union timely, further ensuring security of the transaction.
· Funds paid via Western Union's Quick Pay will be automatically visible to the seller which will signal for the goods to be shipped to the buyer.
· Buyer funds will be held in escrow by AliExpress.com and released to sellers upon buyer's confirmation of receipt of goods.
· Only payments made through AliExpress.com online system will be protected by the AliExpress.com escrow system.
-Ends-
About Western Union
The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions-branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. The Western Union, Vigo and Orlandi Valuta-branded services are offered through a combined network of approximately 455,000 agent locations in 200 countries and territories. In 2010, The Western Union Company completed 214 million consumer-to-consumer transactions worldwide, moving $76 billion of principal between consumers, and 405 million business payments. For more information, visit www.westernunion.com.
About Alibaba.com
Alibaba.com is the global leader in e-commerce for small businesses and the flagship company of Alibaba Group.
Founded in 1999 in Hangzhou, China, Alibaba.com makes it easy for millions of buyers and suppliers around the world to do business online through three marketplaces: a global trade platform (www.alibaba.com) for importers and exporters; a Chinese platform (www.1688.com) for domestic trade in China; and, through an associated company, a Japanese platform (www.alibaba.co.jp) facilitating trade to and from Japan.
In addition, Alibaba.com offers a transaction-based wholesale platform on the global site (www.aliexpress.com) geared for smaller buyers seeking fast shipment of small quantities of goods. Alibaba.com, through its online marketplaces, forms a community of more than 65 million registered users in more than 240 countries and regions. Alibaba.com also owns Vendio and Auctiva, leading providers of third-party e-commerce solutions for online merchants. Currently, AliExpress.com also accepts payments made using Visa® and Mastercard® credit cards, the Moneybookers online payment system, bank transfers and certain bank debit cards. Alibaba.com has offices in more than 70 cities across Greater China, India, Japan, Korea, Europe and the United States.
For more information please contact:
Farah Ibrahim
Tel: +9714 3672530
TRACCS 24/7 Media Hotline: +97150 9448389
Email: farah.ibrahim@traccs.net
© Press Release 2011
