(Yicai Global) Aug. 22 -- Ant Financial Services Group's third-party payment platform Alipay will start offering recallable payments in order to avert losses of sending money to the wrong people or companies.

The act of such [refundable payments] upgrade enables the transfer to return to the original account once the police confirm the fraud, Rui Xiongwen, the vice president of Ant Financial Group said at an industry conference yesterday.

The update adds a refund option to Alipay's earlier function of a delayed payment that allows users to schedule transfers between a time range of two to 24 hours. Alipay's new risk management system monitors safety and suggests that the user should call off or delay a transfer if the receiver seems suspicious.

Alipay is the largest service provider of mobile payments globally, with the number of active users reaching 870 million as of in March. The archival Tencent Holding's WeChat Payment took up 16 percentage points less, or 38 percent of the market share.

Editor: Emmi Laine