Caixin Explains: What Are E-Credit Cards and How Do They Work?

(Beijing) – Two Internet companies will begin offering what they are calling "electronic credit cards" that are linked to popular apps.

Alipay, the online payment service run by Zhejiang Alibaba E-commerce Co., will work with China CITIC Bank Corp. Ltd. to launch an e-credit card in March, it recently said. Hours later, Tencent Holdings' messaging app, WeChat, announced it will do the same thing with the same bank.