On March 15th, the CCTV 3.15 Evening Gala revealed that Same Trip Finance was accused of ensnaring consumers with layered schemes.
It was reported that Xiao Li came into contact with Same Trip Finance through online acquaintances, where they advertised borrowing money through their app. The process involved purchasing gift cards, which could then be recycled for cash.
Xiao Li applied for a 2,448 CNY gift package through installment payments, comprising 1,800 CNY worth of gift cards and 648 CNY worth of various membership benefits cards. Subsequently, Xiao Li sold the gift cards from the package back to the Same Trip Finance app through a recycling channel. The app then transferred the money to the consumer's account.
After using the cash-out channel on the Tongcheng Financial app, the value of the gift card is discounted by 6%, so a $1800 gift card will only yield $1692 in cash.
And that's just the tip of the iceberg. This is just the beginning of the scheme, with a hefty 6% deducted as a processing fee for the loan. So, even though you only get 1692 CNY in hand, a month later you're on the hook for repaying 2448 CNY for the "gift package."
Moreover, these bundled deals on the Tongcheng Financial App are rife with tricks. Among the items purchasable with the gift cards, mainstream e-commerce platforms have almost zero sales.
Plus, the Tongcheng Financial App claims that this facial cleanser towel is originally priced at 209 CNY, but discounted to 145 CNY, making it seem like a steal. However, upon contacting the manufacturer, it was revealed that the factory price is less than 30 CNY, leaving one astounded by the massive markup.
According to Xiao Li, he spent over 40,000 CNY in total on these gift packages, but he only received a little over 28,000 CNY in return, after redemption and resale. Every day, he's just thinking about the interest, robbing Peter to pay Paul.
This covert operation of high-interest products has sparked numerous complaints from consumers. Upon investigation, public information reveals that Tongcheng Financial is a subsidiary of Tongcheng Digital Technology.
Manager Xu of Tongcheng Digital Technology denied that the gift package products on the Tongcheng Financial App are loans, stating that they are simply regular e-commerce products. He insisted that the gift packages are compliant and legal, with no issues whatsoever.
He further stated, "The gift packages are definitely legal and compliant. I can suggest you report to the police, or file a complaint with your local industrial and commercial bureau."
