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The first time we knew the program, we confirmed it with the WeChat official. WeChat official said:

“Distribution” is a brand-new “class installment” consumer loan product, which can be used at the time of payment after opening. The main interest is daily interest, loan and repayment. It is also a new payment option provided by WeChat Pay for users, which is more convenient and saves money. Distribution will gradually open to more users , welcome everyone’s attention.

According to the user introduction of “Distribution”, this function requires the user to actively confirm the activation. The official copy prompt is: You can borrow money to spend on WeChat. The copy also listed three characteristics of “payment”: insufficient cash, use payment first; interest calculated daily, clear and cost-effective; repayment at any time, unlimited amount.

▲ Picture from: Know now

After the user agrees to the usage agreement for payment, you can check the specific quota. WeChat reminds that the opening of “payment” will also refer to the user’s WeChat payment points. Weibo user @Ysy_ 粤 粤 粤 took a screenshot of 5900 yuan.

▲ Picture from Weibo user @Ysy_ 粤 粤 粤

According to Sina Technology, when using WeChat payment, users can directly use “payment” to make payment first, and then make instalments, with a minimum repayment of 10% per period. At the same time, “payment” cannot be used to issue red envelopes. Operations such as transfers.

Someone has previously compared “split” to Alipay’s Huayao, but because it focuses on instalments, it is actually more like Huayao instalments. As a consumer financial product, of course, the most important thing everyone cares about is its interest calculation method.

The official introduction page of WeChat shows that “share payment” will calculate daily interest on the used quota, and you can repay any amount at any time. No interest will be paid on the repaid portion. For example, if you use “share payment” to pay 1,000 yuan and the daily interest rate is 0.05%, then you need to repay 0.5 yuan per day. The repayment amount will be determined on the first day of each month. On the repayment day, you need to pay off 10% of the previous monthly amount and interest. whenOf course, users can also repay automatically. Compared with monthly interest-bearing credit payment products, “payment” interest payment is more flexible.

But there is also a “penalty mechanism” for non-payment. If it is overdue for more than 30 days, your WeChat credit will be stopped. If you keep repaying on schedule, it will help improve your WeChat credit score.

In 2019, the data analysis agency Nielsen released the first report showing the status of consumer credit for young people in China after 90/95. The data shows that more than 80% of Chinese young people will use credit cards, bank loans, Huayao, Jingdong Financial products such as white bars are used to alleviate stress and improve life in various aspects such as buying a house, car, and basic life. According to this report, credit consumption has become an important way for young people to upgrade their consumption.

Compared with Alipay, WeChat Pay started late in credit payment, and its product iteration speed is relatively slow. At present, Alipay already has perfect personal credit information and credit payment products such as Huayao (including installment), borrowing, and sesame credit, and constantly explores innovative application scenarios of credit payment. For example, in 2019, Huayao and Sesame Credit also jointly launched “Light Membership” (now upgraded to “Sesame GO”). With this service, merchants can allow users to “enjoy benefits first, then pay membership fees,” and reduce paid purchases. The psychological burden of members.

The launch of WeChat Pay, which is dominated by offline payment shares, means that the two parties will further intensify competition in the field of credit payments.