Pintec Technology Holdings Ltd. (“PINTEC”;NASDAQ: PT), a leading independent technology platform enabling financial services in China, today announced that it has reached partnership with Beibei Group, a leading family-focused consumer platform in China for maternal and child products. PINTEC will enable Beibei Group to better serve its users with innovative consumer financing solutions.
Based on its sophisticated financial technologies and rich experience in serving the financial industry, PINTEC has developed the online installment payment solution for Beibei Group. The solution has been deployed by Beibei Group’s subsidiaries – beibei.com, its e-commerce platform for maternal and child products; beidian.com, its social e-commerce platform; and Beidai, its platform for consumer financing.
With the convenient and flexible installment payment options, enabled by PINTEC’s digital lending solution, consumers at Beibei Group’s platforms can buy their desired products without down payment and pay later with installments. Consumers can choose installment payments when they place their orders, or apply for credit in advance.
“E-commerce for maternal and child products is an important vertical sector for PINTEC,” said PINTEC President Zhou Jing. “Our installment financing solution can provide e-commerce platforms such as Beibei Group, and their consumers, with a superior digital consumption experience. Our customizable and modular solutions can be easily and quickly adopted by our partners.”
As China has been encouraging a second child by families, the market for maternal and child products in the country is expected to reach RMB3 trillion (about $437 billion) by 2020, according to an iResearch report. An increasing portion of such products will be purchased online.
“Installment payments are gaining popularity among consumers,” said Chen Hongli, general manager of the finance business at Beibei Group. “Our installment financing function, jointly launched with PINTEC, helps consumer leverage their credits to enjoy convenient shopping experience. We will work together with PINTEC to develop more consumer financing products in the future.”
Founded in 2011, Beibei Group aims to grow into a leading family consumption platform in the world. Of its three subsidiaries, beibei.com is serving 100 million family consumers in China on its e-commerce platform. Beidian.com links consumers, store owners and the supply chain through social sharing and communications. Beidai is a one-stop consumer financing platform, offering consumers secure and high-quality financial services.