Ant Bank and AlipayHK have announced the launch of Ant Bank PayLater on AlipayHK’s e-wallet ahead of the Double 11 and Christmas shopping sprees.

The buy now pay later (BNPL) service, which is currently in its trial period, allows approved users to choose to pay in installments when shopping with AlipayHK and on Taobao.

Users can apply to use the service on the Ant Bank Mini App in AlipayHK, after which they will be able to enjoy three-month interest-free installment plans upon spending HKD100 or more.

Repayments can be made on the Ant Bank Mini App in AlipayHK — whether from the users’ Ant Bank account, balance in AlipayHK or their linked-up bank accounts.

The trial service is currently supported on Taobao and major online local merchants including HKTVmall, Fortress, KKday, Mannings, Parknshop eShop, Price, Sasa, UNIQLO, Watsons, YOHO, ZALORA and ZTORE.

AlipayHK will host its second Double 11 local shopping festival for Hong Kong this year with up to 30 participating brands offering discounts worth over HKD 1 million.

“Through AlipayHK’s established, solid merchant network, our users can enjoy shopping with most of the local online merchants by choosing to pay in interest-free installments,”

said Yvonne Leung, Chief Executive of Ant Bank (Hong Kong).

“This launch of Ant Bank PayLater installment service on AlipayHK offers users an extra payment option, allowing them greater flexibility in managing their cashflows.

 

We see a future where users can opt for installment payment backed by financial institutions wherever they see the AlipayHK logo,”

said Venetia Lee, General Manager of Ant Group’s Greater China International Business.