Alipay, an online payment subsidiary of e-commerce giant Alibaba, and internet provider Tencent have partnered to launch new online credit cards.
To issue the online credit cards, Alipay is joining with China CITIC Bank. They plan to issue one million cards under the first batch, reported Global Times.
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The online credit cards can be used for all types of online shopping. Alipay users can have a minimum credit of CNY200 ($32.60), while the maximum limit will depend on their online credit records.
Users of WeChat, a mobile messaging app from Tencent, can avail the cards with a minimum credit of CNY50 ($8.1) and a maximum limit of CNY5,000 ($813.9).
China CITIC Bank told the website that the cards it is issuing in partnership with Tencent have all the basic functions of physical credit cards and allow credit card bill payment via WeChat.
All the transactions made through the new cards will be guaranteed by online insurer Zhong An.
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