Alibaba to Offer Credit to E-Commerce Shoppers
Jan. 5, 2015
Ant Financial, the finance arm of Chinese e-commerce giant Alibaba that runs the payments group Alipay, this week said it will be offering short-term loans to shoppers on Alibaba sites, according to reports. Alibaba’s Tmall and Taobao are offering users credit of up to $4,800 using a new payment option called Just Spend. The service, which is currently in beta testing, enables customers to pay off purchases with a minimum value of $160 up to a month after delivery.
The announcement could be in response to Chinese competitors JD.com and Sina, both which offer credit programs to consumers. Ant Financial also announced in November it will offer direct purchase options for U.S. merchants including Neiman Marcus, Macy’s, Bloomingdales and Sak’s Fifth Avenue. Reports have indicated that Alibaba has not set a date for the full roll out of Just Spend.