Bytedance tests new customer credit product Fangxinhua

Michael Liang

ByteDance has launched a new financial lending product in Douyin, following the launch of Fangxinjie, Manfen, and Beiyongjin.

According to the media Tech Planet (WeChat ID: tech618), a product called "Fangxinhua" has been launched in the Douyin App, which is positioned as a platform for providing loan service technology.

Because the product is still in the testing stage, not all users can experience it. According to a user who has an access for this credit product, the test portal for "Fangxinhua" is set in the Douyin App's Wallet section. It is listed in the same window with another loan product of BYTE.

According to reports, Douyin's Duoshan App tested the new financial business "Meiyuehua" in September this year.

Today, the previous "Monthly Flower" has been renamed "Fangxinhua" to provide loan, repayment, and refund services, according to it customer service staff.

Its customer service said that "Fangxinhua" is a financial product under Douyin, a financial platform that provides lending services, and will gradually open to all users in the future.

In addition, it will issue a quota according to the personal income and other information filled in by the user, and the quota can be up to 10,000 yuan, but the quota cannot be withdrawn.

It is worth noting that the amount borrowed by "Fangxinhua" can only be used when purchasing DOU+ products in the Douyin App. The customer service said that in the later stage, "Fangxinhua" may be opened to other payment windows in the Douyin App, such as purchasing coins and goods on Douyin.

"Fangxinhua" is different from other loan products of Bytedance, because it is rooted in Douyin and can be regarded as an important part of Douyin's financial ecology.

In addition, "Fangxinhua" can not be withdrawn, so the functional characteristics of "Fangxinhua" are more similar to Alipay's Huabei. Users use it to consume first and repay later.

Another loan product of Bytedance, Fangxinjie is more like Alipay's Jiebei. Currently, Fangxinjie is already in the wallet function of the Douyin App.

Industry analysts said that Fangxinjie and Fangxinhua have become the TikTok's Jiebei and Huabei respectively to compete with Alipay. In the future, they will inevitably be carried out in the fields of e-commerce, finance, and live streaming. application.

After all, in essence, Bytedance's actions in the financial field are to better realize its traffic monetization.

Previously, Douyin also registered trademarks such as "Douyin Pay" and "Dou Credit", which means that Douyin may also add payment functions and credit mechanisms in the later stage, in order to further improve Douyin's financial ecology.


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