Ant to cut transaction fees by up to US$1.5b
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E-mail Shanghai Daily, October 25, 2017
Alibaba's Ant Financial said it aims to help small and micro business and individual investors by cutting as much as 10 billion yuan (US$1.5 billion) in transaction fees.
It will also waive the transaction fees from small and micro vendors' Alipay accounts to their bank accounts within the next three years.
In the past six months, a total of 2 billion yuan in transaction fees has been waived for small and micro vendors.
Ordinary users will be charged a 0.1 percent transaction fee if they withdraw over 20,000 yuan of their Alipay balance to bank accounts or other debit cards.
Ant will also aim to provide a "total of 1 trillion yuan of small and micro loans for offline merchants and businesses in the next three years," said Ant Financial Vice President Yuan Leiming.
As many as six million small vendors have received 16 billion yuan worth of small loans in the past two months, with their credit lines ranging from 1,000 yuan to 500,000 yuan.
Zhejiang E-commerce Bank Co, in which Ant Financial is the biggest shareholder, is also seeking to provide a more diversified financial service such as financial data analysis and a credit line for small and micro businesses.
The more money small vendors receive through Alipay, the more likely they will receive a higher line of credit and a higher guarantee against fraudulent payments.
Yuan said Ant will also collaborate with third party financial institutions to meet small vendors' demand for wealth management, small loans and insurance.
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