Alipay, a unit of Alibaba Group which owns China's largest e-commerce website Alibaba.com (1688.HK) and China biggest online retailer Taobao, says it handles more than 1 billion yuan ($146.5 million) in transactions daily, and will reach an annual transaction volume of 1 trillion yuan in two years, topping PayPal and becoming the world largest e-payment firm.
"I think by 2011 there is a possibility of that happening," Polo Shao, president of Alipay, told Reuters in an interview.
PayPal, which handles $2,000 per second in transactions, would handle $63.1 billion in transactions this year, according to Reuters calculations.
Alipay has more than 180 million users daily whereas PayPal has 75 million active users.
Alibaba Group is 40 percent owned by U.S. search titan Yahoo Inc (YHOO.O).
Read the entire article from ALIpay link I provided, its from Nov. 2009 but is very revelent to today's buyout rumors and why bidders want yhoo so badly.
Analyst talking on Bloomberg News realtime 3:50pm about AliPay and Yahoo's 40% stake. Making a compelling argument why YHOO is worth north of $25/shr