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Alipay to issue online credit cards

English.news.cn   2014-03-11 17:37:28

Xinhua File Photo

BEIJING, March 11 (Xinhua) -- Users of China's most popular online payment service, Alipay, will have the chance to apply for credit cards for online use, starting next week.

Alipay will join China CITIC Bank to issue one million online credit cards with a minimum credit line of 200 yuan (32.6 U.S. dollars), Zhang Daosheng, spokesman for Alipay, told Xinhua.

The maximum credit a user can get will depend on the actual credit conditions of users on Alipay, as well as on Alibaba's e-commerce sites Taobao and Tmall, Zhang said.

At present, Alipay has more than 300 million real-name registered users and a large database on users' credit and spending habits.

The service will appear next week on Alipay Wallet, a mobile app that allows users to make online payments, pay bills, book taxis and even invest in a wealth management product called Yu'ebao.

Applicants should first become a follower of China CITIC Bank on the app and apply for cards online, the spokesman said, adding that applications will immediately be approved or rejected, compared with a waiting period of about a month in the case of traditional card applications.

The credit cards can only be used for online consumption through Alipay's website or mobile app.

"The move will be convenient for our customers, many of whom are not used to using credit cards," Zhang said.

Chinese people owned 4.21 billion bank cards by the end of last year, but only 391 million were credit cards, roughly two credit cards for every seven people in China.


Yu'ebao boosts capital supply for economy

BEIJING, March 10 (Xinhua) -- Yu'ebao, a popular online wealth management product, will boost funds available for in the real economy, rather than raising financing costs, an official report showed on Monday.

The product is a way of collecting small amounts of money from customers, when those small amounts enter the financial system, total funds available in the real economy are raised, according to a report for Xinhua by the Ali Small and Micro Financial Service Group, a branch of e-commerce firm Alibaba, owners of Yu'ebao. Full story

China to promote healthy development of Internet finance

BEIJING, March 5 (Xinhua) -- China will promote the healthy development of its burgeoning Internet finance, according to a government work report delivered by Premier Li Keqiang on Wednesday.

"We will promote the healthy development of Internet banking," Li said at the opening of the annual session of the National People's Congress (NPC), China's top legislature. This is the first time that Internet finance has been written into the government work report. Full story

Editor: Yang Lina
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