BEIJING, Feb 2 (Reuters) – Chinese e-commerce company Alibaba is launching an online payment service it hopes will become the preferred way to buy things online in the world’s second-biggest Internet market by users.

With the official rollout of Alipay, privately held Alibaba is trying to steal a march on U.S. rival eBay Inc., the online auction firm whose PayPal service dominates the online payments market.

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man , couldn’t these Chinese come up with a better name ? i mean come on ! ali Baba ? the man who found stolen money in a cave and took it for him self , wow thats make me comfortable to deal with them …. ….