WeChat has a new consumer credit facility called Fenqi, a “buy now, pay later” product that allows buyers to choose instalments as their payment method when making purchases. The feature is free to activate, and no additional fees are charged to sellers.
WeChat introduced Fenfu, another credit product, in 2020. Fenfu does not require users to pay in formal instalments. Interest is calculated daily, and users can repay any amount at any time.
At the beginning of each month, 10 percent of the outstanding amount, along with interest is deducted from the digital wallet. If users do not have enough money in their account, WeChat Pay access will be restricted.
