The “Alipay” application … has become an integral part of the lives of Chinese consumers, as the most important thing in possession of aircraft engineer Tao Rui during his recent trip in Shanghai is the application of “Alipay” for smart phones from “Ant Group”, a company that was not known outside of China Until it revealed plans for the largest IPO in history.
While Tao and his friend were touring the city at the weekend, he used Alipay to buy a cup of milk tea, a meal of fried octopus and a box of candy. He also used it to play a game of basketball in a hall, make a small donation to a street musician, and produce a health symbol indicating that he was not infected with Corona virus before entering a Buddhist temple.
This busy day of Tao offers a glimpse into the significance of the app of Antgroup, the financial arm of Chinese e-commerce company Alibaba, which is preparing to raise a record $ 34 billion for its upcoming dual entry to the Hong Kong and Shanghai exchanges.
Like hundreds of millions of Chinese consumers, the 22-year-old admits that he simply cannot live without Alipay.
“I use the app to order a taxi, buy things, shop on the Tao Bao platform, and buy clothes, airline and train tickets,” explains Tao. “It is indispensable when you are touring China,” he continues. The net numbers and growth potential of Antigroup made investors drool over the world record IPO.
$ 34 billion, “Ant Group”, the financial arm of “Alibaba”, is preparing to mobilize to enter the stock exchange
Alipay has more than 700 million active users, equivalent to half the population of China and more than twice the population of the United States. And to “WeChat Wallet” of the “Tencent” group, the main competitor of “Alibaba”, the application of “Alipay” helped push China forward towards what may become the economy of the future.
In restaurants, grocery stores, cafes, on subways, train stations, and airports, when buying fruits and vegetables from a street vendor on the side of the road, purchases are made all over China routinely by consumers large and small by scanning a QR code.
In the days when there was no other way to pay other than banknotes in China, Tao says, his family had to take a taxi to go to a remote government office to pay their water and electricity bills.
“Today, we pay all utility bills via Alipay. We don’t have to go out to push it. ” But direct payments at the point of sale are only part of the “Alipay” chain of services.
Antgroup has built a complete system around Alipay that houses various commercial operations under its umbrella, from delivering meals to travel services or obtaining loans.
Smartphone users only need to open the “Alipay” application to find the service they want and place an order.
Antgroup, which emerged from the “Alibaba” group in 2011, says that about half of its revenues are derived from such suppliers.
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