AliFinance to Offer Virtual Credit Card for Alipay Users
Sina Tech, 3/01/13
Alibaba Financial, the SME financing arm of Chinese e-commerce firm Alibaba Group, is preparing to offer its first ever consumer finance product, "pay by credit," for users of Alibaba's third-party payment processor Alipay. Alibaba Financial is currently in the final stage of preparations and platform coordination efforts before launching a trial of the service. The service will evaluate and rank Alipay users (including merchants and consumers) before issuing them lines of payment credit accordingly. Alipay users shopping on sister B2C and C2C platform Taobao and other platforms will be able to use the credit extended to them by Alibaba Financial to pay for purchases in the manner of ordinary credit card purchases.
Alibaba Financial is currently engaged in connecting the "pay by credit" feature to merchant systems on Taobao and sister B2C TMall's platforms. Merchants who sign agreements to use the service will pay a 1% service fee for credit payments (a discounted rate of 0.8% is currently available).
The service will initially be available to wireless terminal users in certain areas. Alibaba Financial will expand the coverage of the service based on real-world performance. No timetable for the service has yet been revealed.
Keywords: Internet wireless Alipay credit card third-party payment Alibaba Financial
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