Alipay Launched Credit Rent

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On October 10, Alipay officially announced that it would introduce free deposit and monthly-pay rent service in eight cities. It is reported that the first batch of cities are Shanghai, Beijing, Shenzhen, Hangzhou, Nanjing, Chengdu, Xi’an and Zhengzhou. If users’ Zhima Credit(芝麻信用)exceeds 650, they can enjoy deposit exemption and pay rent monthly.

It is worth noting that the Hangzhou launched China’s first smart housing lease regulation service platform, linking users’ credit with their Zhima Credit. Landlord with higher credits will be more favored by tenants and tenants with high credits could enjoy deposit exemption and pay rent monthly. For many people working in the first-tier cities, renting is unavoidable. Most people ever met ill-intentioned landlords and illegal agents. Based on Investigation Report on the Situation of Youth Rent in Beijing, only 26.31% of the survey said that there was no damage to the rights and interests during renting.

This year, China has launched a series of policies to establish a housing system for house rent and purchase and hope to meet the multi-level housing demand of the people. Under such circumstance, the regulation of rental market is gradually strengthened and platforms like Alipay have also launched corresponding measures in cooperation with the government.

Users can enter the credit renting platform by searching “rent” in Alipay. Alipay official said that the first batch of cities were Shanghai, Beijing, Shenzhen, Hangzhou, Nanjing, Chengdu, Xi’an and Zhengzhou. If users’ Zhima Credit exceeds 650, they can enjoy deposit exemption and pay rent monthly.

At the same time, it is expected to form rental credit files of tenants, landlords and employees on Alipay’s rental platform by the end of this year. That taking care of the house, paying the rent on time, being honest and trustworthy and others would add credits. While the credit will be affected by the fake housing source, deadbeat tenant, early withdrawal, random increase of rent, etc.

In addition, Ant Financial said that about ten apartment partners were joining in and the total number of housing was over a million. Compared with individual housing, the apartment can provide customers with more accurate room source information, uniform standard decoration and more perfect rental service. Also, the rent price is relatively stable.

Wang Bo, the GM of innovation and intelligence services department of Ant Financial, said, “the way we plan to promote way is to pay monthly without deposit. That is to say users can rely on his own credit to exempt or decrease deposit and pay rent monthly. This model has been tried in Shanghai for about half a year and we find that although the number of houses providing deposit exemption only accounts for 15% of total, it accounts for 80% of trading volume, which proves that credit rent pattern is favored by users.”

This article originally appeared in TechWeb and was translated by Pandaily.
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