Chinese e-commerce giant Alibaba announced plans Monday to launch a credit card app that will be available for users to buy and sell goods and services with no upfront fee.
Alibaba is the world’s largest e-retailer, and it is trying to gain traction in a market where customers often use mobile devices to shop.
It said the app, called Alibaba Pay, will allow customers to buy goods and pay with credit cards.
It will be sold on Alibaba.com and Alibaba Pay will work on Alibaba Pay.
AlbaPay is similar to a credit-card platform that Apple launched in 2015.
The app allows customers to pay for products, services and merchandise on the platform with an Apple Pay card, and the card will automatically be charged for the products.
Albita said the company will work with credit card companies to develop a mobile app that “will provide customers with the convenience of purchasing products with their credit card.”
“We believe that Alibaba Pay can help to broaden Alibaba Pay’s reach to customers, with a focus on online retail and commerce, as well as enable merchants to better meet their customers’ needs,” Alibaba said in a statement.
“We look forward to providing customers with better shopping experiences through Alibaba Pay,” it said.
Albayezaid in its statement that it plans to make Alibaba Pay available in China in the second quarter.