(Yicai Global) Sept.14 -- Zhima Credit, an independent third-party credit information service under Alibaba Group Holding Ltd.'s [NYSE:BABA] financial affiliate Ant Financial Services Group, has partnered with Shanghai Yangpu Library and Suzhou Jiatu Software Co. to run shared bookcases in Yangpu district, Shanghai.
Three trial bookcases, which enable users to read for free without a time limit, have been in operation over the past month and lent out almost 3,000 books in that time, said a report from China Youth Online on Sept. 13.
Zhima Credit launched a credit model for lending books with no licenses or deposits in April this year. The service provides online borrowing and home delivery through cooperation with local libraries.
"We hope the benefits of credit will lead to traditional industries exploring new models of development. Everyone has a credit history and people with good credit can enjoy convenience in various aspects of public services and life," said Zhima Credit executive, Chai Xiaowan,
More than 90 percent of deposit requirements and over 80 percent of necessary certifications will be eliminated through the popularization of credit in the future, with non-cash payments set to become a key trend, Chai said. The next decade will see the start of the credit dividend era, and the credit economy will become the largest dividend for social development.
The firm plans to run more than 50 credit-based shared-bookcases in Yangpu in the future. It will place bookcases at intervals of two to three kilometers throughout the district.