Alibaba Group’s Executive Chairman Jack Ma

Alipay is Alibaba Group Holding Limited’s electronic payment service and over the past year, it has transformed into a mobile payment tool. Smartphone users are able to use the payments app to pay for all kinds of services including theater tickets and taxi rides. You are even able to invest in a money-market fund called Yu’e Bao. The fund has attracted more than $93.7 billion in just a year since launch, which has caused China’s banks and regulators to become alarmed.

Alipay has announced that you will now be able to pay for a car rental using the Alipay Wallet App.

Alibaba’s financial affiliate that owns Alipay, Zhejiang Ant Small & Micro Financial Services Group announced the addition of the car rental service at an event held today in Beijing.

The unique benefit of renting a car through Alipay is that if you have a good creditworthiness you could rent a car without having to pay a deposit. Your creditworthiness would be based on your transaction data collected by Alipay. Rental fees vary depending on the car required, but the cheapest one is about 15 yuan an hour ($2.45).

The service will launch in Alibaba’s hometown, Hangzhou, later this week.