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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.

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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.

Free Report
img

What does the future hold for BNPL market?

The global Buy Now Pay Later (BNPL) market is estimated at a massive $120 million in 2021 – representing just less than 3% of the global ecommerce market. Yet the user-base is massive, with leading provider, Klarna, alone reportedly having 87 million users in 2021. This market is only expected to grow, with established companies like Apple and Goldman Sachs moving into the BNPL sector in bids to capitalize on this trend. To help you make the most of this growing market, GlobalData’s Buy Now Pay Later in 2022 and Beyond report provides detailed insight into the BNPL sector. This report:
  • Discusses the disruptive potential of the BNPL sector on the payments industry
  • Identifies the leading companies that are driving sector growth and the benefits this new payments solution provides to both merchants and consumers
  • Analyzes the consumer’s risk of using BNPL loans and government attempts at introducing regulations to the sector
  • Uncovers the main risks that consumers expose themselves to when borrowing with BNPL
Download this free report to get to know where this developing market is headed, and how you can reshape your strategies.
by GlobalData
Enter your details here to receive your free Report.

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