BEIJING, June 15 (Xinhua) -- With the "618" (June 18) mid-year online shopping festival approaching, Chinese e-commerce platforms have launched credit payment plans in order to spur consumption.
JD Finance, a financial subsidiary of the e-commerce giant JD.com, took the lead in launching interest-free payment by 24 installments scheme, allowing consumers to buy hundreds of thousands of products including digital products, life necessities, small household appliances, maternal and baby-care products first and repay later.
The scheme is expected to help each consumer save an average cost of more than 300 yuan, said an executive in charge of JD Finance.
JD Finance has also cooperated with 15,000 offline supermarket chains, shopping centers, convenience stores, and brand stores in 28 provinces and nearly 200 cities across the country to provide credit payment services for consumers.
Huabei, or Ant Credit Pay, a consumer credit product of Alibaba's Ant Financial Services Group (Ant Financial), intends to offer interest-free installment payment options for the buying of 10 million kinds of goods on Alibaba's Tmall and Taobao e-commerce platforms to bring benefits to consumers during the 618 online shopping festival and stimulate businesses to resume production and operation.
About 500,000 merchants will participate in Huabei's credit payment plan during this year's 618 online festival, helping consumers save more than one billion yuan of interest costs, according to a person in charge of consumer finance business of Ant Financial. (Edited by Su Dan with Xinhua Silk Road, firstname.lastname@example.org)