Chinese online payment company 99Bill has launched an installment credit service — a first in China for e-payment services — to allow consumers to buy goods by paying in installments.

Oliver Kwan, founder and CEO of 99Bill, stated that with the gradual maturity of the credit card market consumers will be able to buy a wider range of goods by paying in installments. To cater to that trend, 99Bill will enhance and expand its partnership with banks and other financial institutions to develop new payment products and service offerings to maximize the convenience brought by the credit cards to consumers.

By July 31, 2008, 99Bill says it had signed up 26 million registered users and more than 150,000 partners.

According to the People's Bank of China, China had issued more than 87.5 million credit cards by 2007. The credit cards are playing an increasingly crucial role in China and credit-card-related products and applications are also enjoying growing popularity.