Alibaba has finalized a strategic cooperation with the Industrial and Commercial Bank of China (ICBC) for online payment services.

The two sides are entering the growing third-party payment sector through cooperation on a new service called "Zhi Fu Bao" (Payment Treasure). Alibaba runs auction and e-commerce websites and the new service will enable users to conduct online transactions with greater ease.

Different from its cooperation with other banks, Alibaba will work directly with the headquarters of ICBC. Alibaba's spokesman says this is the first time a bank in China has joined in direct promotion of online transactions.

The first highlight of the cooperation is that "Zhi Fu Bao" will have an online debit storage function which enables it to be used for online shopping without using other bank cards.

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