On this year’s “Double 11”, Ant Group and the banking industry took a number of measures to support the expansion of consumption.

This year’s “Double 11” Tmall Taobao shopping not only allows consumers to buy free installments on Huabei, but also adds the option of free installments with bank credit cards and bank credit purchases.

Data shows that during the "Double 11" period, nearly 4 million users enjoyed free installment services provided by 37 banks.

In the traditional Tmall Taobao "Double 11", the free installment function is mainly provided by Huabei, but now Alibaba has shared this mature scene marketing capability with cooperative banks.

In addition to credit cards, "credit purchase" services independently funded by banks and other financial institutions have also been added to "Double 11" for the first time. They also support free installments and have become a new tool for consumers to stock up on goods.

For consumers, free installments can alleviate financial pressure on consumers without increasing shopping costs.

It is also an effective financial service support for new citizen groups integrating into new life.

Chongqing Ant Consumer Gold Company’s “New Citizen Accompanying Plan” continues to pay attention to the needs of new citizen groups such as settlement, employment, and entrepreneurship.

Among the users who provided services during the "Double 11" period, 500,000 new citizens enjoyed free installment benefits.

Not paying interest will also help increase consumption motivation and enhance store business confidence.

This year’s “Double 11”, Huabei, credit card, and credit purchases all support free installments, which aroused the enthusiasm of merchants. The number of products that Tmall Taobao supports for free in installments can reach up to 100 million, which is 2 or 3 times that of previous years.

During the "Double 11" period, hundreds of thousands of merchants realized free transactions with Huabei, credit cards, and credit purchases in installments. This number increased by 192% compared with last year's Double 11.

Compared with the past, this year’s “Double 11” consumption also pays more attention to promoting rational consumption.

The Invoice Assistant is a tool launched by Huabei in 2023 to advocate rational consumption. With the deepening of Huabei brand isolation, not only Huabei users, but also credit purchase users can use this function.

During the Double 11 period, 14.3 million users managed their Double 11 bills through the invoice assistant to avoid impulse spending.

This article is based on information from the financial industry

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