Alipay teamed up with Huatai Insurance to launch a mobile taxi booking insurance service

Country: Chinaalipay
Year: 2013

  • Comprehensive business agreement between a payment service provider and an insurer enabling to develop a new offering
  • One time insurance aims to cultivate the untapped market for small amount, short-term insurance and attract a new customer segment

Concept

  • The Alipay payment offer, which is a FS subsidiary of Alibaba, China’s leading e-commerce platform, has introduced the instant taxi booking service in Hangzhou, as a part of its e-wallet application
  • In addition, Alipay has developed an insurance product related to its taxi booking service.
  • It will reimburse both app users and taxi drivers if one of them does not show-up
  • The terms of the agreement between Alipay and Huatai (the insurer) stipulate that Alipay will pay an annual lump sum to Huatai in order to cover potential further usage of the service by its customers.

Screenshot Alipay

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