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December 24, 2013updated 04 Apr 2017 4:09pm

Sina starts piloting new online-only credit payment service in China

Sina Corp, a China-based internet company, has started piloting its new online-only credit payment service.

By Verdict Staff

Sina Corp, a China-based internet company, has started piloting its new online-only credit payment service.

Dubbed as Xinyongbao in Chinese or ‘credit treasure’, the new online-only credit payment service will focus on customers who use mobile devices, including smartphones and tablet computers, to pay for virtual products and services.

It enables customers to buy products and services using online credits and to reimburse the amount they have spent later, reported the Global Times.

Sina enables users of the micro-blogging website to activate a Xinyongbao account with an initial credit of CNY50, while offering facility to register using their mobile phone number.

Analysys International analyst Zhang Meng told the news portal that Sina is trying to use Xinyongbao to attract its 536 million Weibo users to use its payment service.

"Sina wants to make Xinyongbao a flagship financial service, such as Alibaba Group’s Yu’ebao, to compete in the mobile payment market," Zhang added.

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