Alipay offers home rental on credit service

Alipay's newly-launched home renting service is based on credit. [Photo: China Plus]

China's online payment platform Alipay has launched a home renting service based on credit.

Alipay users with a "sesame credit" of 650 or above will be eligible to rent houses via the Alipay app, pay their rent monthly, and without having to provide a deposit.

Sesame credit is Alipay's credit-scoring service.

In the past, tenants have had to pay three months' rent upfront and provide one month's rent in advance as a deposit. The new method is expected to ease the financial pressures on renters.

Alipay also says that tenants will be able to sign their contracts digitally.

One million apartments in eight cities including Shanghai, Beijing, Shenzhen, Hangzhou, Chengdu, Xi'an, Zhengzhou have already been made available for rent via Alipay.

Alipay is also planning to establish credit documents concerning the rental activities of renters, home owners as well as people engaged in the rental industry on its rental platform by the end of this year.