Chinese e-commerce site 360buy on Wedesnday said that its contract with payment platform Alipay has expired.

In May, 360buy's chairman Liu Qiangdong said that the company would stop working with Alipay within two weeks, since they charged fees four times higher than other payment platfiorms. One of 360buy's employees said cooperation ceased in June.

  Liu said that under 360buy's original contract with Alipay, it would have to pay an extra 5-6 million yuan every year.

Source

Beijing Daily

Google translation