Chinese tech giant Tencent's messaging app WeChat on Thursday launched its virtual credit card, Fenfu, which literally means paying separately. Users can use it like a credit card without commissions.
Fenfu has been incubated internally for WeChat since September last year. Unlike the current real-time debit for WeChat Pay, Fenfu allows WeChat users to spend money first and then pay back. This is similar to Taobao's Huabei and JD.com's Baitiao.
However, Fenfu can also be paid in installments. Consumers do not need to apply for installments in advance during the payment process. They can simply choose installments when paying.
You don't need to withdraw cash in advance when you pay, you can directly choose "Fenfu payment", and the minimum repayment per period is 10%.
Unlike Huabei installments, WeChat Fenfu's installment interest is calculated daily and does not require monthly settlement. There is no repayment date, and you can repay at any time, regardless of the amount.
According to the introduction of WeChat, if 200 yuan is used for one day, the daily interest is only a few cents.
Finally, WeChat emphasizes that Fenfu does not require a fee to open, and this feature is more biased towards offline consumption.
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