In China, millennials are increasingly turning to installment plans to pay for air and train tickets.
It’s hard enough to snatch a ticket during Chinese New Year, with hundreds of millions of people all traveling at the same time. But even for those who manage to grab one, tickets don’t exactly come cheap. For example, one-way travel from Beijing to the southern city of Guangzhou on a high-speed train costs around USD 130.
This Lunar New Year, the Alibaba payment app let users pay for their train tickets in three interest-free installments.
Another app called Fenqile (or Happy Installment) offers a 12-month installment plan for air tickets. But layaway plans aren’t just for the holidays. Fenqile also offers payment plans for apartments and cars, as well as much cheaper products like snacks and makeup.
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