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(ECNS) - Alipay, an online payment platform launched by Alibaba in 2004, plans to introduce a user-oriented financial product called "Payment by Credit" next week.
The service allows users to pay for online purchases with overdrafts from their Alipay accounts, instead of using credit or debit cards.
The maximum overdraft will be 5,000 yuan ($807) per account, with a grace period of 38 days before repayment is required.
Users will receive reminders to pay via SMS message or telephone when the grace period expires.
Chongqing Shangcheng Financing Guarantee Co. Ltd., a subsidiary of Alibaba, will provide the guarantee.
The service is only valid for transactions on Taobao.com and Tmall.com, Alibaba's two main online shopping platforms.
A trial period of the e-payment system will be carried out in several provinces before being introduced throughout China, the report said.
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