AntChain and Alipay push prepaid insurance solutions to solve prepaid consumption pain points

After prepaid the annual fee, it was discovered that the gym owner ran away with the money, and the restaurant failed to get the money back after the recharge… In recent years, prepaid consumption has been the “hardest hit area” for consumer complaints. How to effectively solve this problem has become the focus of attention of the government and consumers.

In response to this problem, AntChain, together with Alipay and financial institutions, has launched a solution for prepaid insurance. Through cooperation with government management departments, consumer associations and other institutions, it actively solves the capital risk of prepaid consumption.

On September 28, the first application of prepaid insurance was officially launched in Weihai, Shandong. It is understood that the Weihai Prepaid Insurance Platform is the country’s first blockchain prepaid consumer collaborative service platform that combines “policy guidance + market-oriented operation”. The group’s AntChain, Alipay Anxinchong, and Industrial Bank Weihai Branch jointly set up. The Weihai prepaid insurance platform is built based on the blockchain technology provided by AntChain, and at the same time, it has opened up Alipay’s member operation products for peace of mind for merchants who settled on the platform.


To put it simply, merchants provide services through prepaid insurance, and the funds that consumers prepaid to merchants will be deposited in the regulated accounts of cooperative banks, instead of directly calling the merchants’ personal accounts at a time, and then according to the actual consumption Billed to the merchant on a case-by-case basis.

The transaction information and capital flow of consumers and merchants can be verified, traced, and cannot be tampered with, and stored on the blockchain, while the transaction activities are provided by Alipay Anxinxin to provide payment services and online membership system operation support. After the consumption behavior is completed, the current consumption amount is transferred from the prepayment to the merchant.

If the merchant defaults or “runs away”, the prepayment will be refunded to the consumer from the bank prepayment depository account. In addition, if merchants issue cards illegally, such as the amount of a single card exceeds the limit, the proportion of deposited funds is insufficient, or there are consumer complaints, the platform will issue early warnings to merchants and regulatory authorities through the smart contract function of the blockchain to ensure the regulatory process Automatic, intelligent and efficient.

It is understood that after the Weihai Prepay platform is launched, local businesses in Weihai will successively access the platform to provide services to consumers, and consumers can enter the platform by searching for “prepaid insurance” on Alipay.

Fu Shitao, Secretary of the Party Group and Director of the Weihai Municipal Market Supervision Bureau, introduced at the scene: The underlying technology of the prepaid insurance platform uses the blockchain technology provided by Antchain; Logic attracts operators to settle on the platform; Industrial Bank custodializes funds and provides credit support for merchants stationed on the platform; Consumers Association opens an account in the bank, holds prepayments for consumers without consumption, and coordinates the construction of the platform to attract consumers Carry out prepaid consumption with merchants on the platform to squeeze the space for non-standard prepaid consumption.

“For merchants, prepayment can increase user stickiness and user consumption frequency, and only when the security of funds is guaranteed can consumers prepay with confidence.” said Zou Liang, vice president of Ant Group’s intelligent technology business group.

Zou Liang said that the prepaid insurance platform does not charge any additional fees such as platform usage fees, no commissions, etc., and small and medium-sized businesses can obtain Alipay’s digital tools and digital management capabilities.

He revealed that in the future, the prepaid insurance solution will continue to be promoted and implemented in other cities across the country, hoping to make more people feel relieved to consume.

Industry insiders believe that as a trust infrastructure in the digital age, blockchain is playing an important role in more and more fields in recent years, such as in the field of government affairs and people’s livelihood services, blockchain-based electronic bills, electronic seals, judicial deposits, Applications such as traceability and public welfare are helping the government to continuously improve its governance.

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