皇冠体育app

Alibaba and Tencent were not available for comment when approached by 皇冠体育app Daily on Friday.

PBOC to regulate online finance

Alibaba's 'Leftover Treasure' hits 43m users

To facilitate smoother digital transactions, the Internet duo both announced on Tuesday that they will allow "payment by credit" for users of third-party payment processors.

Both firms are partnering with mid-sized lender 皇冠体育app Citic Bank and Zhong An Online Property Insurance Co, a joint venture co-invested by the pair along with Insurance (Group) Co of 皇冠体育app Ltd, the world's second-largest insurer.

Unlike physical credit cards, the online service will be bundled with users' Alipay or Tenpay accounts, allowing companies to assess customers before issuing lines of credit.

Chinese Internet conglomerates are heavily promoting online-to-offline payments as they expand into each other's turf.

By scanning barcodes embedded in the respective mobile apps and Taobao Wallet, users can purchase items from brick and mortar stores using their smartphones.

To allow them to engage in financial services, Alibaba and Tencent each won one of the first regulatory licenses in the country to run private banks.

Alipay to issue online credit cards

PBOC puts brakes on online payments

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