More than 60 million payments for purchases on Alibaba’s Nov. 11 Shopping Day were made through Huabei (or Ant Check Later), the online personal line of credit available on Alibaba’s Alipay, representing 8.5% of the total payments Alipay processed on the day.

To encourage users to pay with them during the shopping festival, Huabei announced in advance that they would raise credit limits, offer no-interest installment loans for some one million items on Alibaba’s Tmall marketplace, and distribute some RMB50 million (roughly US$8M) cash in the form of digital Hongbao (“lucky money”) . (source in Chinese)

All users of Alipay, the online payment service that has been supporting Alibaba’s marketplaces for more than a decade, can sign up to Huabei with just a few clicks.

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Tracey Xiang

Tracey Xiang is Beijing, China-based tech writer. Reach her at traceyxiang@gmail.com