Smart2PayTM, the company with the world's largest coverage of online alternative payment solutions, has added Huabei credit solution to its 200+ payment methods portfolio.
With this new feature, Smart2PayTM offers its Merchants an additional means to tapping into the Chinese market, besides the popular methods like Alipay, Wechat Pay and UnionPay that Smart2PayTM already offers.
Huabei is Ant Financial’s virtual credit card for its Chinese users. Some internal shareholders estimated that, of Alipay’s 900 million Chinese users, more than half have created Huabei accounts. Huabei literally means ‘just spend’ and is generally perceived as a microlender.
Huabei may be used for all online and offline purchases via Alipay wallet. Users of Alipay can set Huabei as their default payment option, meaning that their purchases are first made with credit before funds are debited from their Alipay account. As well, when Huabei is used to shop, the user must return the amount of the payment on the 9th of the next month. There is an interest-free period of up to 41 days. Merchants offering Huabei can see conversion increase by up to 40%.
Huabei was launched in April 2015 by Ant Financial as a way for users of its wallet solution Alipay to fund purchases on ecommerce platforms run by Ant Financial’s affiliate, Alibaba group, such as Tmall and Taobao. Huabei’s main user base is made up of individuals born after the 80s and 90s, accounting for around 80% of the total users. Since Huabei’s launch, Ant Financial has been expanded the service to more online and offline merchants.
James Flinterman, CEO of Smart2PayTM:
We are proud to add Huabei via Alipay to our already extensive Chinese payment methods portfolio. We constantly improve and expand our services in direct relation to market dynamics. We are confident that, with this latest addition, our Merchants and partners will successfully expand further their business in a very digitally-oriented and lucrative market like China.
About Ant Financial’s Alipay
Alipay is a mobile payment method founded by Jack Ma’s Alibaba Group in 2004 and which allows users to create a digital wallet to store, top up and pay online or in store for products and services. It is one of the most popular methods of payment in China and is also available in many Asian markets, as well as in Europe, US and Canada.
Ant Financial’s chairman and CEO Eric Jing said on Alibaba’s 2019 Investor Day, held in Hangzhou, that Alipay (900m users) and its international e-wallet partners (300m users) have collectively served around 1.2 billion users worldwide.
Smart2PayTM offers a single API for all payment services to international Merchants, covering credit card and local payment options throughout the world! By using Smart2PayTM, you will be offering the preferred local method of payment to your global Customers, thus significantly boosting your sales!