Sina begins testing new online-only credit payment service

The service, called Xinyongbao in Chinese or credit treasure, allows its users to purchase products and services using online credits and to pay back the amount they have spent later.

Sina, which runs the Twitter-like Weibo service, allows users of the microblogging website to activate a Xinyongbao account with an initial credit of CNY 50. People can also register using just their mobile phone number. The company did not specify the services payment cycle, but said users can increase their credit limit if they pay their bills on time.

According to a spokesperson for Sina, cited by online media outlet Global Times, Xinyongbao is being tested among a small number of users, and he could not comment on when the service would be offered to the general public.

Xinyongbao is targeted at consumers using mobile devices, such as smartphones and tablet computers, to pay for virtual products, including online games, videos and e-books. Users of Xinyongbao do not have to link a bank card with their account online.

The company launched the online payment tool SinaPay and upgraded the service into WeiboPay (micro-blogging wallet) in 2012. Every Weibo user automatically has a WeiboPay account.