Briefing: Apple Store now offers interest-free payment option to Huabei users

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Apple Store目前已支持蚂蚁花呗24期免息服务 – TechNode Chinese

What happened: Apple China is now offering a 24-month interest-free payment option for shoppers using Huabei, Alipay’s virtual credit card service. The financing offer applies to all products in Apple’s online store, but only applies to iPhone products at Apple’s physical stores.

The Apple Store also offers interest-free financing options to customers of other partner companies in China, such as China Merchants Bank, Industrial and Commercial Bank of China, and China Construction Bank.

(Image credit: 动点科技)

Why it’s important: Huabei, officially launched in 2015, is a consumer financing service that allows shoppers to pay for online purchases during the month after delivery. Through Huabei and its micro-lending unit, Jiebei, Ant Financial doubled the value of its consumer lending in 2018 to RMB 600 billion, despite increasingly tightened financial conditions. The Chinese government is taking measures to regulate the country’s rapidly growing financial sector.