Ali Pay is the largest third-party online payment service provider in China by total payment volume, according to iResearch. Launched in December 2004 and operating as an important participant in Alibaba Group's ecosystem, Alipay (www.alipay.com) provides a secure, trustworthy and convenient way for individuals and businesses to make and receive payments online and on mobile phones. Alipay offers payment and/or escrow services for transactions on Alibaba Group's marketplaces as well as to third parties in China. It is the principal means by which buyers and sellers settle transactions on Taobao Marketplace and Tmall.com. According to iResearch, Alipay is the largest third-party online payment service provider in China by total payment volume. Alipay is a related company of Alibaba Group and provides payment and/or escrow services for Alibaba Group's marketplaces through contractual arrangements.