Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website Xinhua Silk Road - Belt and Road Portal, China's silk road economic belt and 21st Century Maritime Silk Road Website
Subscribe CustomBlackClose

Belt & Road Weekly Subscription Form

download_pop

Research ReportCustomBlackClose

The full edition of the report is available at Xinhua Silk Road Database. You can click the “Table of Content” to have a general understanding of it.

Click on the button below to create your account and get immediate access to thousands of articles.

Start a Free Trial

Xinhua Silk Road Database
Company

Sesame Credit determines who can ride ofo bikes deposit-free

March 17, 2017


Abstract : Chinese bike-sharing startup ofo is teaming up with Sesame Credit, a credit rating system by Ant Financial Services Group, to waive the deposit for trusted users in Shanghai.

BEIJING, March 17 (Xinhua) -- Chinese bike-sharing startup ofo is teaming up with Sesame Credit, a credit rating system by Ant Financial Services Group, to waive the deposit for trusted users in Shanghai.

Those who have a sesame credit of 650 points or higher in Shanghai won't have to pay the 99 yuan ($14.4) deposit before unlocking a bike, Zhang Siding, ofo co-founder, said at a press conference in Shanghai.

Users scan the QR code on the bikes using Alipay, the e-wallet run by Ant Financial, and the payment tool can detect if the user passes the credibility threshold to skip the deposit, Hu Tao, general manager of Sesame Credit, said.

Shanghai is the first city to roll out the services. According to Hu, the adoption of a social credit system is also aimed at tracking user behaviors and preventing problems like theft and vandalism.

As one of the most popular bike-sharing apps, ofo has invested in 1.5 million bikes, accumulating over 25 million registered users. It has provided 400 million rides since its debut in 2015, Zhang said.

Ant Financial, which has 450 million users, evaluates an individual's purchasing and spending habits in order to derive a figure that shows how creditworthy someone is.

Passing certain numerical benchmarks would entitle one to certain perks, like small loans, or in this case, waivers on deposits. (chinadaily.com.cn)

Scan the QR code and push it to your mobile phone

Keyword: Sesame Credit ofo

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to [email protected] and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial

Ask Us A Question belt & road login close

If you have any questions, please enter them in the box below.

Identifying code Reload

Write to Us belt & road login close

Do you want to be a contributor to Xinhua Silk Road and tell us your Belt & Road story? Send your articles to silkroadweekly@xinhua.org and share your stories with more people.

Click on the button below to create your account and get im http://img.silkroad.news.cn/templates/silkroad/en2017te access to thousands of articles.

Start a Free Trial