Alipay.com, the Internet payment subsidiary of the Chinese e-commerce group Alibaba, has announced that it has launched a new convenient Internet payment service.

The online payment company is cooperating with ten banks, including Bank of China, Industrial and Commercial Bank of China, China Construction Bank, Agricultural Bank of China, Ping'an Bank, Bank of Beijing, Shanghai Rural Commercial Bank, Bank of Dalian, Bank of Ningbo, and Bank of Ningxia.

At the end of December 2010, Alipay.com started initial cooperation with Bank of China by providing credit-card-based express Internet payment services. So far, this new service has reportedly brought almost three million new users to Alipay.com.

According to Alipay.com, with the help of the credit card express payment, users do not need to open the Internet banking services, and they can complete the online payment easily and securely by entering related information of the credit cards. In addition, the payment amount will be decided by the credit line of the cards, instead of the payment limits stipulated in the Internet banking policies of these banks.

While providing convenience to users, Alipay.com implements security measures to protect the accounts of users. To use this service, users' mobile phone numbers should match those provided when they applied for the credit cards. Verifications of CVV2 code of credit cards and dynamic password of mobile phones are also required.