China-based Internet services provider Sina announced on December 24 that it plans to offer the country’s first “online-only credit card-like payment service,” SINA English reported.
Called Xinyongbao or “credit treasure,” the service will allow Sina users to purchase products and services from the company on credit provide they back their debts later.
New users will be able to register for the service with a mobile number to receive an initial credit of 50 yuan that will increase with timely bill payment.
“Sina wants to make Xinyongbao a flagship financial service, such as Alibaba Group’s Yu’ebao, to compete in the mobile payment market,” Zhang Meng, an analyst from consultancy Analysys International, told the media outlet.
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