Alongside any story on retail in China comes a prefunctory statement on the rising spending power of the country’s nascent middle class. However, even if those consumers can’t seem to find their newly created wealth when they walk up to the checkout counter, Dumiao wants them to know it has them covered.
Dumiao, the Chinese digital lending group, announced Thursday (June 2) that it had officially launched POWERED BY DUMIAO, a point-of-sale consumer loan decisioning tool that it hopes can be integrated directly into online and offline retail environments. Dumiao is claiming that the platform can enable prompt decisions on consumer loans without the need for time- and resource-intensive underwriting investigations.
Zhou Jing, CEO of Dumiao, explained how POWERED BY DUMIAO could open the point of sale to a wide array of payment options and an equally large number of ways for retailers to close a sale.
“Our solution enhances the service offering for third-party retailers by providing consumers with new purchase options at the point of sale,” Zhou said in a statement. “This drives new sales for our partners and a better experience for our partners’ customers. Through Dumiao, any sales channel, online or offline, can integrate digital lending as a point-of-sale financing solution to enhance their platform’s customer experiences.”
Dumiao has seen a fair bit of success with its lending-as-a-service offering. As of June 2016, the company claims to have processed 1.6 million consumer loan applications and 2.4 million transactions. With 500,000 more applications rolling in every month, hopefully Dumiao has the server space ready to handle the influx of queries from its POWERED BY DUMIAO platform.