Chinese shopping website Taobao and Alibaba's online payments division Alipay have entered the Chinese credit card sector by partnering with Bank of China in the launch of a joint-brand credit card, China Tech News reports.
Under the terms of the agreement between the three parties, Taobao's users who apply for the new credit card can bind their Alipay accounts with it. Thus, they will be able to pay directly with their credit cards by providing their passwords when completing an online payment via Alipay.
Taobao and Alipay have recently joined forces with Kingsoft Corporation, a Chinese applications software developer, distributor and service provider, to develop an online shopping platform in the country. The companies will focus on implementing security technologies to take measures on anti-phishing websites, viruses and online shopping safety and thus prevent online phishing and protect users' virtual assets.
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