March 1, 2013 / 9:59 AM / 5 years ago

Alibaba to roll out credit payment service for e-commerce platforms: report

SHANGHAI (Reuters) - Alifinance, a unit of Alibaba Group, will soon roll out a credit-line service for businesses and consumers on its e-commerce platforms, the Sina Technology news website said on Friday.

Employees stand on a logo of Alibaba (China) Technology Co. Ltd during a media tour organised by government officials at its headquarters on the outskirts of Hangzhou, Zhejiang province June 20, 2012. REUTERS/Carlos Barria

The credit will be provided via Alipay, the affiliated e-commerce payment unit of Alibaba Group.

A pilot version of the program, which will be first available for users of Taobao Marketplace and Taobao Mall on mobile devices, will be rolled out in certain parts of China.

An Alipay spokeswoman declined to comment.

The report said that Taobao Marketplace and Taobao Mall businesses that use the service will be charged an initial discounted fee of one percent.

According to technology research firm Analysys, Taobao Marketplace and Taobao Mall had a majority of market share in China’s consumer-to-consumer market and business-to-consumer platform.

(This story was corrected to fix the headline and lead, and to adds the second paragraph to make it clear that the credit will be provided by Alifinance, via Alipay)

Reporting by Melanie Lee; Editing by Matt Driskill

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