Reporter | Lu Keyan
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Wechat can also spend first before paying.
Starting from March 25th, some users' WeChat has a "distribution payment" function. This function is located in the WeChat wallet. When using WeChat payment, users can use split payment to pay first, and then pay in installments.
customer service information shows that split payment is the same as other similar personal consumer loan products. It is a payment method used on WeChat that allows consumption before payment. In the process of opening WeChat split payment and consumption, users do not need to apply for instalment in advance, just choose installment directly when paying.
It is worth noting that the traditional instalment interest calculation is the principal multiplied by the fee rate, which is calculated once and paid off in installments. After the monthly repayment, the principal decreases, but the interest remains unchanged. WeChat split payment calculates interest based on the actual number of days used by the user. The accumulated interest is paid when repayment. After the repayment, the principal decreases and the interest also decreases.
A screenshot provided by a netizen shows that the daily interest rate for disbursement is 0.04%. Based on this, the annualized interest rate for disbursement is estimated to be about 14%.
The split payment can be specified by the user on the repayment date, and it supports any amount of early repayment without any handling fee. The minimum repayment is 10% per instalment, and it can be used continuously after paying off in a single month.
FenPay has also set a penalty mechanism. Once the user is overdue for more than 30 days, WeChat payment points will stop using.
Many people compare FenPay with Ant Huabei, but from the point of view of the emphasis on "Instalment" concept, it is closer to "Huabei Installment" in function, similar to credit card installment. However, the payment is not settled on a monthly basis, but on a daily basis. There is no hard repayment date, and interest can be repaid at any time.
Currently, the payment is still in the grayscale test, and only some users can use it. Official WeChat said that this feature will gradually be opened to more users, and the opening process is free.
Before Dipay went online, WeChat already had an application that provided consumer loans-Weixindai. According to reports, Weizhongdai is an online micro-credit revolving consumer loan product launched by WeBank in 2015, mainly for WeChat and QQ users. At present, Weixindai occupies one of the nine grids on the WeChat payment page, and the entrance is more obvious than the split payment.
is in the same WeChat ecosystem, and they are all consumer credit products, and the interest calculation method is the same. Some insiders speculate that after the payment goes online, it will compete with Weixindai.
But in terms of product nature, the two also have many differences. The most important point is that split payment is consumer credit, which is more closely related to the consumption scene. It can only be used under the premise of using WeChat payment and cannot be borrowed in advance; while microloans are cash loans, and the funds can be withdrawn to bank cards, more like Unsecured loans from banks.
Compared with Micro Loan, the split payment is more flexible in the repayment setting. There is no fixed repayment period and amount, and the repayment date can be modified. In terms of quota, Weixindai’s single loan quota is between 500 yuan and 40,000 yuan, and the quota range has not been announced for the split payment. The individual's specific quota is based on WeChat payment points.
Judging from the frequent offline deployment of WeChat Pay in recent years, the share payment is also aimed at offline opportunities. Compared with Alipay, offline is a more dominant scenario for WeChat Pay. It is foreseeable that the offline payment market will usher in more intense competition in the future.
