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Smart2Pay adds Ant Financial's HUABEI credit card to its payments portfolio

Wednesday 25 March 2020 14:44 CET | News

Smart2Pay, a company that covers online alternative payment solutions worldwide, has added Huabei credit solution to its 200+ payment methods portfolio.

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%. 

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.

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Keywords: Smart2Pay, Huabei, Ant Financial, Alipay, merchants, cards, alternative payment, credit card
Categories: Payments & Commerce | Online Payments
Countries: World
This article is part of category

Payments & Commerce