Hello! I'm your financial news analysis assistant. This article discusses a hidden trap that we all might encounter or even be experiencing, yet often aren't aware of: disguising "borrowing money" as "making a payment."
To help you fully understand this issue, I'll first summarize the key points in one sentence, and then break down the logic, benefits, and future changes from five different perspectives.
📝 Summary of Key Points
In one sentence:
Eight government departments have jointly issued a regulation that, starting from September 30th, loan products such as Huabei (Alipay's lending service), Baite (a similar service), and Yuefu (monthly payments) will no longer be displayed alongside payment options like bank cards and account balances. Previously, when making a payment, the system would either default to or encourage you to choose the "pay later" option (which was actually a loan). Now, "spending money" and "borrowing money" must be clearly separated, so you can see whether you are paying or incurring debt, preventing you from unknowingly accumulating debt due to carelessness or lack of awareness.
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🔍 In-Depth Analysis: Understanding This "Cashier Revolution" from Five Aspects
1. Unveiling the Phenomenon: You Think You're Paying, but You're Actually Signing a Loan
Many people wonder, "How come I suddenly have an additional loan amount when I used my account balance?" This is what the article refers to as the "payment equals borrowing" deception mechanism.
- How does it work?
- Positioning Trick: On the payment page, your bank card is displayed at the back, while the "pay later" (loan) option is placed at the front, often with a promotion like "instant discount of 5 yuan."
- Default Selection: Many platforms automatically check the credit option for you. If you don't look carefully and just click "pay," the system assumes you agree to the loan terms.
- Misleading Names: These services are not called loans; instead, they are labeled as "Yuefu" (monthly payment) or "Xianxiang Houfu" (pre-enjoy, pay later). They sound like membership benefits or payment methods, but they are actually small loans with interest that affect your credit score.
- How serious are the consequences?
- Mr. Xu from Jiangsu paid 1 yuan to join a membership but ended up with an 8-yuan monthly payment because he activated the Douyin Yuefu service.
- Ms. Lin Xiaoyu from Beijing accidentally checked the credit option and not only paid extra fees but also had her credit record affected, which nearly hindered her mortgage application.
- The most concerning aspect is the fragmented debt: You might have opened monthly payments on one platform, Baite on another, and Xinfangjian on yet another. Each amount might seem small, but together they can add up to a significant hidden debt, with different repayment dates, making it easy to miss payments and damage your credit score.
2. The Industry's Secret Tactics: A Decade of Precision in the 3 Seconds You Spend at the Cashier
Inserting loans into the payment process is not accidental; it's a "precision harvesting" technique that internet platforms have refined over a decade.
- Four Standard Tactics:
1. Parallel Display: The loan icon is made to be the same size as the bank card, making it hard to distinguish between money and debt.
2. Default Selection: The option to choose is removed, so the system selects the loan for you without your input.
3. Discounts as Enticements: Small discounts like "instant discount for new customers" or "interest-free installment plans" are used to lure you into accepting loans with high annual interest rates.
4. Easy to Activate, Hard to Cancel: Activation requires just one click, but cancellation may involve navigating through multiple menus or even facial recognition.
- Why is it effective?
- People are focused on details like the address or shipping during the payment process and don't have time to read the terms. Platforms bet on your lack of attention and laziness.
- As summarized by the Kunming Financial Office, they disguise borrowing as a payment: You're spending your current money with payments, but the loan is using your future money, yet the interface makes it seem like the same thing.
3. Profit Motivation: A Trillion-Dollar Business Built on Unaware Customers
Why do platforms insist on including loans in the payment process? Because it's extremely profitable, and the risks are shifted to others.
- Huge Traffic: In 2025, non-bank payment institutions processed 1.3 trillion transactions, each representing an opportunity to offer loans.
- Surprising Profits:
- Ant Financial (Huabei/Jiebei) reported a net profit of 3.111 billion yuan in 2025, with a 41.7% increase in revenue.
- Douyin Finance grew its loan balance from zero to 550 billion yuan in 5 years.
- JD BaiTie reached 250 million users.
- All consumer finance companies will issue 5.24 trillion yuan in loans by 2025.
- Business Model: Platforms provide the scenarios and data, while banks provide the funds. Platforms act as intermediaries, earning from referral fees and profit sharing.
- Revenue Sources: Platforms earn from transaction fees when users use their account balances; they also earn interest from loans. The same transaction generates two sources of income.
- Data Comparison: Although the number of credit cards has decreased by 110 million, the balance of consumer loans has increased, indicating that money has simply shifted from banks to internet platforms' balance sheets.
4. The Policy's Purpose: Not Banning Loans, but Addressing the Issue of Unawareness
People worry if the new regulation means they can't borrow money anymore. That's not the case. The regulation targets "induced borrowing" and "unaware signing."
- What is "unawareness"?
- Borrowing should be a serious decision involving how much to borrow, the interest rate, and what to do if you can't repay.
- At the cashier, these details are compressed into a single, careless action. Interest is hidden in fees, and the contract is buried in the "agree and pay" button, with no warning about the credit risks.
- Who is most affected?
- Young people (born in the 1990s and 2000s) account for over 70% of complaints. They have strong spending habits and limited financial resources, making them more susceptible to such tactics.
- Elderly people have lower financial literacy and are more easily deceived.
- The majority of Huabei users (62%) don't have credit cards and come from lower-tier cities, making them particularly vulnerable to these tactics.
- Core Logic of the Regulation:
- Physical separation: Payment tools (bank cards, account balances) and financial products (loans) must be displayed separately.
- Mandatory Reading: Before entering the loan section, users must be clearly reminded and given time to read the terms.
- Prohibition of Inducements: No low thresholds, instant payouts, or algorithms that encourage excessive spending are allowed.
- Goal: To make borrowing a decision that requires stopping, thinking carefully, and then making a choice, rather than a casual, unintentional action.
5. Future Challenges: Three Issues After September 30th
The regulations have been issued, but the problems won't disappear immediately. Platforms and regulators will face three practical challenges:
- Challenge 1: How to Ensure Proper Separation? (Form vs. Substance):
- Loans can no longer be placed in payment options, but they can still be displayed elsewhere on the page.
- Risk: Even if the position changes, visual cues (like brighter colors or more prominent labels) may still suggest the loan, leading to subtle inducements. Regulators need to closely monitor these details.
- Challenge 2: How to Regulate Hidden Marketing (Algorithms):
- In addition to the cashier, there are pop-ups, personalized recommendations, and algorithmic pushes.
- Risk: These are even more concealed. The regulation prohibits algorithms that encourage excessive spending, but how to define and enforce these rules is a significant regulatory challenge.
- Challenge 3: The Next Target (Insurance):
- As loans are moved out of the cashier, insurance products might take their place.
- Example: Mr. Zhang in Beijing paid 5 yuan for a charge, only to find that his insurance company deducted four premiums without his knowledge.
- Trend: Financial inducements in payment scenarios are shifting from loans to insurance.
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💡 Tips for Ordinary People (Action Guide)
1. Check Your Default Payment Method: Open your favorite apps (Taobao, JD, Meituan, Douyin, etc.) and go to "Payment Settings" to see if the default payment method is "pay later" or Huabei/Baite. If so, manually change it to your bank card or account balance.
2. Check Your Credit Report: Visit the People's Bank of China's credit reporting website or your bank's app to check for any loans, credit cards, or guarantees you're not aware of. If any are found, contact the relevant platform to cancel them immediately.
3. Be wary of Low-Cost Offers: Any offers like "1 yuan membership," "instant discount for new customers," or random discounts are likely linked to credit or insurance products. Treat them as a trick rather than a benefit.
4. Regularly Review Apps: Even apps you don't use frequently should be checked for any automatically activated payment settings.
Final Words:
September 30th is not the end, but the starting point. Platforms need time to adjust, and regulators need time to enforce the new rules. For you, making borrowing a decision that requires stopping, thinking carefully, and then making a choice is essential. Only then can the practice of borrowing return to its proper place.