"Buy Now Pay Later" connected by e-wallet to boost online sales of local and Taobao merchants

HONG KONG, Nov. 4, 2022 /PRNewswire/ — Appealing to Hong Kong consumers’ aspiration for diversified and flexible payment options, Ant Bank (Hong Kong) ("Ant Bank") and AlipayHK jointly announced today the launch of Ant Bank PayLater on AlipayHK ahead of the Double 11 and Christmas shopping sprees. Ant Bank PayLater, which is currently in its trial period allows users to choose to pay in installments when shopping with AlipayHK’s robust network of partner merchants and on Taobao. AlipayHK and Ant Bank hope that this partnership, which brings together Ant Group’s flagship techfin products, will help stimulate the local retail business and the city’s economy.

Nearly all online local merchants of AlipayHK can be paid by Ant Bank PayLater

3-month installments now available for online purchases, with limited-time offers of zero handling fees

Starting from today, users can apply for the Ant Bank PayLater service on Ant Bank Mini App in AlipayHK. Approval will come as soon as in one minute. Users can then enjoy Buy Now Pay Later (BNPL) by choosing Ant Bank PayLater’s 3-month interest-free installment plan upon spending HKD100 or more at local online merchants which have accepted AlipayHK. Handling fees will be waived during the promotional period*. Repayments can be easily and flexibly 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.

In its current trial period, Ant Bank PayLater is supported on Taobao and major online local merchants including Taobao, HKTVmall, Fortress, KKday, Mannings, Parknshop eShop, Price, Sasa, UNIQLO, Watsons, YOHO, ZALORA and ZTORE. Merchants accept payment made via Ant Bank PayLater immediately without signing up or extra programming.

Use Ant Bank PayLater to enjoy more discounts at AlipayHK’s Double 11 local shopping festival

AlipayHK will host its second Double 11 local shopping festival for Hong Kong this year. This shopping festival aims at boosting local retailers’ business, and will be joined by up to 30 brands including 7-Eleven, Parknshop and Ztore in offering discounts worth over HKD 1 million*. Successful applicants for Ant Bank PayLater service can also enjoy a special deposit rate of Libra Savings Account as high as 8.88%* and a welcome offer worth up to HKD150, on top of the 3-month interest-free payment installment plan and the limited-time waiver of handling fees. Users can therefore expect to get more bang for their bucks spent in the upcoming Double 11 shopping festival using AlipayHK.

Hong Kong’s first virtual bank and e-wallet collaboration to offer BNPL service

Ant Bank PayLater will be available wherever AlipayHK logo is shown

Yvonne Leung, Chief Executive of Ant Bank (Hong Kong) Limited said, "Mobile payments have been fast catching on in recent years as a day-to-day payment choice for Hong Kong people. It is ground-breaking for Ant Bank to join AlipayHK e-wallet in rolling out this BNPL installment service. 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. The high deposit rates that come with setting up their Libra Savings account offers the additional benefit of wealth management."

Venetia Lee, General Manager of Ant Group Greater China International Business said, "as a one-stop lifestyle platform, AlipayHK has always been working with various organizations to deliver quality services to our users. In yet another intensive partnership with Ant Bank, this launch of Ant Bank PayLater installment service on AlipayHK offers users an extra payment option, allowing them greater flexibility in managing their cashflows. Using Ant Bank’s financial product, meanwhile, AlipayHK will be able to help merchants increase their sales – a step taken to help revive the city’s economy. We see a future where users can opt for installment payment backed by financial institutions wherever they see the AlipayHK logo."

Ant Bank PayLater is a credit product provided by Ant Bank (Hong Kong) independent from AlipayHK. To borrow or not to borrow? Borrow only if you can repay!

* Availability and applicability, handling fees and limited promotional offers shall be subject to actual payment page and further terms and conditions. Please refer to Ant Bank mini app, AlipayHK app and websites for further details.

About Ant Bank (Hong Kong) Limited

Ant Bank (Hong Kong) Limited is a wholly-owned subsidiary of Ant Group Co., Ltd. One of the world’s leading fin-tech companies, Ant Group strives to enable all consumers and small businesses to have equal access to financial and other services through technologies, such as blockchain, artificial intelligence, security, Internet of Things, and cloud computing. On May 9, 2019, Ant Bank (Hong Kong) received a banking license from the Hong Kong Monetary Authority, and it officially opened on September 28, 2020. The Hong Kong-based bank aims to provide local individuals and SMEs with reliable, trustworthy, transparent and inclusive banking services through fin-tech innovation. For more information, please visit https://www.antbank.hk.

About AlipayHK

The AlipayHK electronic wallet is operated by Alipay Financial Services (HK) Limited (Stored Value Facility Licence number: SVF0004) and regulated by the Hong Kong Monetary Authority. Alipay Payment Services (HK) Limited is a joint venture established by Ant Group, a parent company of "Alipay", and the CK Hutchison Holding Limited, a multinational conglomerate spanning over 50 countries. For more information, please visit http://www.alipayhk.com.

Currently, over 100,000 local retail outlets support the AlipayHK electronic wallet for payment, covering large chain stores, convenient stores, supermarkets, fresh markets, restaurants and others. Features of the AlipayHK electronic wallet include transportation, cross-border payment, P2P transfer, Lucky Money, blockchain remittance, bill payment, Quick Reward Coupon eShop and Taobao payments, purchase of insurance products offered by third parties, e-coupons, etc, making Hong Kong residents’ lives more convenient by integrating mobile payment into daily lives.