Shoppers on Alibaba’s Tmall and Taobao can now take out month-to-month loans of up to RMB30,000 (roughly US$4800). The new payment option is called Huabei, or ‘Just Spend’, and was released by Ant Financial Services Group, the Alibaba affiliate that oversees Alipay.

According to Ant Financial, over one million vendors are using the credit system. It is currently in a testing phase and a formal release has not yet been announced. The service allows consumers to pay off debts up to a month after delivery with a minimum purchase of RMB1,000 yuan (roughly US$160). Consumers will be expected to pay of the loans by the 10th day of the month following delivery.

In September, Ant Financial also announced that it aims to create a marketplace of 1 trillion yuan (roughly US$1.6 billion) over the coming 2 years, a number which will factor in the new Just Spend credit function.

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Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com