Alipay Cross-Border E-Payment Service is a payment solution that allows buyers to pay for goods sold on international partner merchant websites using Renminbi (RMB). Alipay will then remit the sum in a foreign currency (one of the twelve that are currently supported) to the international merchant in settlement. As of December 2010, Alipay has more than 550 million users and facilitates around 8.5 million transactions every day. Alipay's payment solution provides international merchants with access to the burgeoning Chinese market at a low cost and also efficiently. There is no need to set up a company nor open a bank account in China. Settlements with international partner merchant companies are remitted directly to the merchant's international banking account in one of the twelve currently-supported currencies.