Meituan adds RMB 5 bln to the “Pay A Month Later After Spending” program

On July 23, Meituan announced on its official Weibo that it had added an estimated 5 billion yuan to the “Pay A Month Later After Spending” program, which belonged to Meituan’s monthly payment service.

On July 23, Meituan announced on its official Weibo that it had added an estimated 5 billion yuan to the “Pay A Month Later After Spending” program, which belonged to Meituan’s monthly payment service.

Users who have activated Meituan’s monthly payment service will be granted an amount of money ranging from a few hundred to one or two thousand yuan for consumption.

The service was launched on May 29 this year, which was upgraded from Meituan’s “Your Living Expenses, We Pay” service, and was provided by Chongqing Sankuai Microcredit Co., Ltd. (a small loan company under Meituan) and other financial institutions that cooperated with Meituan.

With the service, users can order food, stay in a hotel, go on a trip, ride a shared bike, call for a taxi, and shop for any products within the credit line granted by Meituan, and repay on the 8th of next month. The interest-free period can be as long as 38 days.

According to the data released by Meituan, the monthly payment service has a significant driving effect on the local consumption. After users activate the service, the orders for catering, leisure and entertainment have increased by more than 20%, and the transaction amount has increased by over 15% on average.

Disclaimer: This is an article created by Michael Liang for Chinasdg.org. You can find the original article here: https://chinasdg.org/2020/08/04/meituan-adds-rmb-5-bln-to-the-pay-a-month-later-after-spending-program/.

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