Alibaba may launch credit payment service for mobile buyers

Alibaba Group Holding Ltd, China's biggest e-commerce company by transaction volume, will likely launch an online credit payment service in some parts of China, Caijin.com.cn reported on Monday.

The service aims to increase the turnover generated by customers using mobile devices, the report said.

The new service will be first available to users of Alibaba's business-to-customer and customer-to-customer platforms on mobile devices, said the report.

The Hangzhou-based company may roll out the service by April, with the credit lines likely to be between 200 and 5,000 yuan ($32 to $803), it added.

Alibaba has shown its ambitions to enter the financial sector over the years. The company launched a similar service in October last year targeting overseas buyers.