Ant Group Greater China international business general manager Venetia Lee (left) and of Ant Bank (Hong Kong) CEO Yvonne Leung (right). Credit: AlipayHK/ PRNewswire.

Fintech firm Ant Group’s wholly-owned subsidiary Ant Bank (Hong Kong) has rolled out a buy now pay later (BNPL) option on the AlipayHK electronic wallet.

The Ant Bank PayLater option, which is presently under trial, enables users to make payments in instalments.

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This service is available to consumers who shop with AlipayHK’s partner merchants and other businesses on the Taobao platform.   

It expects to boost the local retail business and Hong Kong’s economy, noted the group.

Ant Bank PayLater currently has a three-month instalment period for online spending and a limited-term waiver on handling charges.

Users can gain access to the service on Ant Bank Mini App in AlipayHK, which is operated by Alipay Financial Services (HK) and regulated by the Hong Kong Monetary Authority.

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Besides Taobao, Ant Bank PayLater is supported on various online local merchants such as HKTVmall, Fortress, KKday, Mannings, Parknshop eShop, Price, Sasa, UNIQLO and others, during its ongoing trial.

Ant Bank (Hong Kong) CEO Yvonne Leung said: “Mobile payments have been fast catching on in recent years as a day-to-day payment choice for Hong Kong people.

“It is ground-breaking for Ant Bank to join AlipayHK e-wallet in rolling out this BNPL instalment service. Through AlipayHK’s established, solid merchant network, our users can enjoy shopping with most of the local online merchants by choosing to pay in interest-free instalments.

“The high deposit rates that come with setting up their Libra Savings account offers the additional benefit of wealth management.”

The latest development comes shortly after Ant Group’s announcement to buy a majority stake in Singaporean payments company 2C2P.