Over 45 million post-90s users in China signed up Alipay’s Huabei or Just Spend for online shopping payment according to a recent report by Alipay. This payment option serves as a virtual credit card for Chinese online shoppers on Alibaba’s Tmall and Taobao e-commerce sites.
That 45 million post-90s represent 47.25% of total Huabei users according to Alipay. This indicates Huabei users is close to 100 million.
Post-90s, those born between 1990 and 1999, have a total population of about 170 million in China. That means, 1 in every 4 post-90s has a Huabei account. Close to 40% of post-90s set Huabei as the default payment option of Alipay.
Top Huabei post-90s users come from Beijing, Shanghai, and Zhejiang. What’s surprising is, Tibet users rank the fourth. And, the young users in Tibet has an average monthly spend of 963 yuan, even higher than Jiangsu province. In comparison, post-90s users from economically more developed province Guangdong only ranks the 15th of using Huabei.
Huabei’s installment payments are also popular among post-90s. When they buy smartphones online, 76.5% will choose the installment option.
Most of the post-90s consumers are rational; about 70% will keep their monthly spend by Huabei within two-thirds of their credit limit. And, 99% pay Huabei loan on time.
Top 10 Chinese Regions by Average Huabei Spending