(Yicai Global) May 15 -- China's leading ride-hailing firm Didi Chuxing Technology Co. has released an online lending product dubbed "Dishuidai," offering users substantial amount of loan in an instant, Securities Daily found on Didi Chuxing app.
Didi claims on its app that users can borrow up to CNY200,000 (USD31,400) instantly at ultra-low interest rates, which they can repay at any time, the report said. The product is reportedly undergoing a trial period and might be made available to more customers in the future.
The new service can be found under the "insurance" tab in the app's "wallet." After the user clicks on "borrow," it says the user can borrow up to CNY200,000 and invites the user to apply for Dishuidai credit.
After clicking on "get Dishuidai credit" in the lower section of the page, the users see a message, saying, "We will open up the service gradually, and will notify you with a text message then. Thank you for using Didi's lending service." Most users got this message, the newspaper learned.
No customer service for Dishuidai is available yet, and only invited users can apply for a loan. The Securities Daily reporters visited several online lending forums and learned that some Didi users successfully applied for loans during the trial period, getting as much as CNY200,000.
Dishuidai is well-hidden in the app as the users need to go through three levels of webpages to find it. Its obscure position indicates that Didi Chuxing is either taking a cautious approach or wanting to avoid extensive operations until substantial data have been acquired.
Didi Chuxing published user statistics for last year in January, suggesting that the platform served some 450 million users in more than 400 Chinese cities, with the mobility service volume amounting to 7.43 billion trips.
Didi Chuxing has generated massive online traffic, and finance is an important avenue of monetizing its user, traffic and data resources, a market insider said. Insurance, lending, including auto financing, and wealth management are relatively more lucrative, so it is natural that Didi has decided to foray into these businesses, the insider added.
Editor: Mevlut Katik