Popularity of installment payments rises
Print Edition
Installment payments are helping to power China’s domestic consumption and sales of online lender LexinFintech Holdings Ltd’s installment finance platform Fenqile surged 220 percent during an e-commerce shopping festival.
Fenqile, translated as “Instalment Pleasure” in Chinese, lets consumers buy electronic equipment like mobile phones and consumer accessories such as handbags on credit and repay the loan in installments.
Sales of Shenzhen-based LexinFintech’s Fenqile surged 220 percent during the annual 618 e-commerce shopping festival on Monday, a major mid-year shopping event.
The average order amount per user on the platform during this year’s festival rose 37 percent annually from 5,024 yuan to 6,895 yuan. The number of Fenqile users who participated in this year’s 618 festival doubled from last year, LexinFintech said.
The firm aims to further tap the growing trend among Chinese consumers to buy now and pay later, as the number of consumers using installment payments for e-commerce purchases in China is set to soar to 170 million this year, from 95 million last year.
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