Alipay Wednesday said that it has distributed 20.8 billion yuan ($3.41 billion) in micro-loan service loans to 302,863 micro and small enterprises in the third quarter this year, mainly due to the boost from the sales promotion day of November 11, dubbed "Singles' Day" in China.

In July, the total value of loans amounted to 4.8 billion yuan, double that of one year earlier, followed by 5.2 billion yuan in August. In September, the monthly loans exceeded 10 billion yuan, three times higher than the same month in 2012, according to a statement sent to the Global Times.