Alipay Tests Virtual Credit Card Product

Southern Metropolitan News, 7/02/14

Chinese third-party payment processor Alipay's "Alipay Wallet" mobile app yesterday began testing of a "Xinren Bao" virtual credit card service. According to Alipay, Xinren Bao is a financial institution-backed virtual credit card service, with customized credit limits based on users' shopping histories. The service features a 38-day interest-free grace period on all purchases.

According to a person familiar with the matter, Xinren Bao is currently in the closed beta testing stage, available only to Alipay employees, with no indication when the service will be released to the public. Xinren Bao briefly appeared on some consumer editions of Alipay Wallet on July 1, but has since been removed.

Editor's Note: For more information on this topic, please see "PBoC Suspends Alipay, Tencent Online Credit Cards," MD 3/14/14 issue.

Keywords: wireless Alipay credit card third-party payment Alipay Wallet

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