17 Magic Blanket: Help Internet users to solve the emergency consumption arrears, the first to pay

Abstract: 17 Magic Blanket is a help internet users to solve the emergency consumption arrears, the first use of a combined transport platform. Unlike third-party payers, credit cards, and virtual credit cards, it does not charge a fee. This product was launched in April 2013 and its use scenario is

"17 Magic Blanket" is a help internet users to solve the emergency consumption arrears, the first to pay the combined transport platform. Unlike third-party payers, credit cards, and virtual credit cards, it does not charge a fee.

This product was launched in April 2013 and its usage scenarios are: As long as the user has a mobile phone number, when shopping on the internet, such as downloading an application or game props, or online shopping other things, money is not enough or inconvenient to pay the situation, there is temporary borrowing needs, you can borrow money first to solve the immediate need.

In this way, the 17 magic blanket for merchants to take the incremental user, is those who because the money is not enough or inconvenient to give up consumption of users. Or, for example, players pay after playing a game and find other games on the 17 magic carpet. The way it's profitable comes from these scenarios--one is, after the user is brought to the merchant, the two are divided into the second, the virtual props and other products to first buy a low discount, and then sell out to earn the difference.

How much the user can borrow on the "17 magic blanket" does not depend on how much money he or she consumes, but how much it pays, which is the only measure. After the last sum of money, the next time the user can borrow the money will be the last money on the basis of the increase in proportion. A first use, no real identity of the 17 magic blanket users, most of the initial amount can be borrowed 5 yuan. Even allow such a situation exists: an initial user borrowed 5 dollars to buy the game props, after playing found the game is poor, and left. When playing the next game or application, you can also borrow 5 yuan until he or she finds a product that he or she is satisfied with. When the user pays the 5 bucks, the next time the user will be allowed to increase the amount of borrowing on the 17 magic blanket.

In the verification of the identity of the user, it is the same as many electric dealers, using SMS verification, identification and other methods. Because consumption arrears are generated in the process of consumption, the "17 Magic Carpet" on the loan is also a directional loans. Who the user is, and what to do with the money, are very good to identify, which is also conducive to control risk.

But that does not mean that there is no risk, especially a product that is very test of human greed. First of all, will this batch of 5 dollars not be accumulated into a large amount of bad debts? The "17 Magic blanket" approach is to reach an agreement with co-operative businesses--they start out with businesses that sell virtual goods such as apps or game props--1-5 dollars to test costs for both partners. If the user originally played this game borrowed 5 yuan did not return 17 magic blanket, then does not count into the merchant to 17 final settlement. This is the equivalent of 5 dollars to do the business promotion. 17 Magic Carpet founder Zhao said, the initial amount, the cooperation of the Merchant can also according to their own situation to request, such as some from 1 yuan to start.

But there may also be a situation where a user has borrowed 100,000 dollars before it is paid off, so the amount of money that can be borrowed next time can be a larger sum according to the credit limit. As a result, the user probably ran away after borrowing the money. The risk is even greater as the formula for calculating the loan limit of the "17 magic blanket" is infinitely expanded. Zhao says this scenario is possible and everyone owes a sum of money to confiscate it. But in the "17 Magic Blanket" model, this situation is likely to be a huge success, whether it is "17 magic blanket" or the business has no loss, but also to make money. Because can borrow from here 100,000 of users, must have borrowed a lot of money before, consume many times, and have already dropped. This process has brought great economic benefits to businesses and 17.

In fact, whether the effectiveness of past consumption can offset the last arrears depends on two points: how large is the initial loan amount? What is the percentage of growth in the formula for credit limit calculation? Zhao said that although the "17 Magic blanket" Loan formula is unlimited expansion, but in practice, some businesses will set the ceiling. After the one-month quota is used, the next month's quota will grow. At present, the growth ratio of the loan amount is 20%, Zhao said this is the financial expert's proposal, will continue to revise in the practice.

But in order to avoid risk as far as possible, "17 Magic Blanket" design a lot of measures. For example, the introduction of the concept of "digital assets", that is, users exist on the internet, a bit of the existence of valuable things, such as QQ account, game account. A user can make a mortgage on a digital asset. In the event of a default, you can control, auction, and seal the number of digital assets that the user mortgaged.