Here's Why Alibaba Stock Is Higher Today

Shares of

were trading higher on Thursday, potentially due to a report from

which stated that Alipay, an affiliate of Alibaba, has launched Alipay Wallet, a mobile version of its electronic payment system. According to the publication, Alipay makes up nearly half of China's online payment market. With the new app, Chinese tourists visiting Korea are now able to use their mobile devices to purchase goods in the country. Alipay Wallet is connected to a user's bank account or credit card and will be accepted at shops frequented by Chinese tourists. The adoption of the app, especially internationally, will help boost spending by its users. Shares of Alibaba traded recently at $86.57, up 1.4 percent.