Smart2Pay offers a single API for all payment services to international merchants, covering credit card and local payment options throughout the world. With this new feature, Smart2Pay offers its merchants an additional means to tapping into the Chinese market, besides the popular methods like Alipay, WeChat Pay, and UnionPay that Smart2Pay 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 may be used for all online and offline purchases via the 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%.
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