Chinese Interbank Transfers Go Offline, and Alipay Swoops in
This National Day holiday (October 1-7), the People’s Bank of China (中国人民银行) is doing some major work on its computer system which handles interbank transfers, and as a result, interbank transfers will not be possible for the entire vacation.
It strikes me as totally ridiculous (and incompetent) that such an important part of China’s banking system would need to be down for so long. One could hope that it’s the last big push the country’s banking system needs in order to be completely modernized and never require this kind of downtime again for interbank transfers (or anything else), but I’m not quite that hopeful.
The amusing silver lining of this incident is that Alipay (支付宝, Taobao’s payment service) is taking advantage of the business opportunity and sending out its own marketing message: “hey, you can’t do regular interbank transfers during the October holiday, but if you try Alipay instead, no transfer fees!”