A $7 Credit Limit: Jack Ma’s Ant Lures Hundreds of Millions of Borrowers

Re:A $7 Credit Limit: Jack Ma’s Ant Lures Hundreds of Millio... by ac29 on Sunday December 08, 2019 @06:28PM (#21739217)

FTA: "Borrowers don’t incur any interest unless they miss payment deadlines or sign up for installment plans."

So yes, this sounds exactly like a western style credit card, just with a micro-credit limit. You get X days of interest free credit, then pay interest if you take longer than that to pay (or set up a fixed payment plan, which some western cards also offer).

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Re:A $7 Credit Limit: Jack Ma’s Ant Lures Hundreds of Millio... by bitcoinbutter on Monday December 09, 2019 @03:40AM (#21741212)

Credit card companies also make a huge amount of revenue from merchant fees. Every transaction carries a fixed and percentage-based fee. Often something like $0.29 + 2.5%.

Payment companies like Alipay have much lower fees to the merchant, from what I recall.

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Re:A $7 Credit Limit: Jack Ma’s Ant Lures Hundreds of Millio... by hrktb on Monday December 09, 2019 @04:38AM (#21741406)

That's pretty expensive.

Even Stripe is below that (1.5%) in EU, going another PSP gets it down to something lower in general. E.g. for Adyen it's 1.1% with 1.1E fixed.

[0] https://www.adyen.com/pricing/full-list

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Re:A $7 Credit Limit: Jack Ma’s Ant Lures Hundreds of Millio... by toomuchtodo on Monday December 09, 2019 @03:20PM (#21746076)

Interchange fees are regulated in Europe.

https://ec.europa.eu/commission/presscorner/detail/en/IP_19_...

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