Online payment providers modernize home rental market

Alipay and China UnionPay, two of China's online payment service providers, are using their credit rating system to improve the house rental market.

This is expected to help regulate how house owners and tenants operate in the market. But its efficacy remains a question, experts said.

Alipay, a subsidiary of China's internet giant Alibaba Group, announced its property rental foray via a new platform in October.