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, a leading Chinese third-party payment platform, announced Saturday it has become the largest mobile payment provider in the world.
If people were amazed but confused by the 35 billion yuan (5.75 billion U.S.dollars) the Chinese spent in a one-day online shopping spree last year, a new report from Alibaba can decode the mystery behind China's consumption and, possibly, tell more.
Currency fund Tianhong Zenglibao has become the first fund in China to hit 100 billion yuan (16.30 billion U.S. dollars) of sales thanks to its cooperation with Yu'ebao, Alibaba's wealth management product.
Alibaba's latest takeover of Chinese fund management firm Tianhong will inject new vitality into China's online finance market, analysts believe.
E-commerce giant Alibaba Group, which runs Taobao.com, has established a new business offering customers higher investment yields than interest from banks.
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