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Alipay Leads a Digital Finance Revolution in China

What started as a service to help customers buy goods from Alibaba retailers has grown into a serious finance business all its own.

Not many years ago, Jane Yang, a 26-year-old civil servant in Beijing, paid her landlord in three-month installments with a stack of 100-yuan notes. To pay her utilities—water, electricity, and home Internet bill—she went to three separate banks,…

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