For Chinese Consumers, Ant Group App Is Part Of The Fabric Of Life

For Chinese consumers, Ant Group app is part of the fabric of life

Shanghai, (UrduPoint / Pakistan Point News - 28th Oct, 2020 ) :The most essential item in aircraft engineer Tao Rui's possession during a recent outing in Shanghai was the Alipay smartphone app from Ant Group, a company little known outside China until it unfurled plans for the biggest IPO in history.

As Tao and a friend strolled the city at the weekend, he used Alipay to buy a cup of milk tea, a deep-fried octopus snack and a box of candy. He also used it to play a basketball game at an arcade, make a small donation to a street musician, and produce a health code signalling he was coronavirus-free before entering a Buddhist temple.

They topped the day off with bowls of Japanese ramen noodles, also purchased with a scan of an Alipay code.

Tao's day underscores why the planned $34 billion stock listing of Ant Group, the financial arm of Chinese e-commerce giant Alibaba, is such a big deal.

Like hundreds of millions of Chinese consumers, the 22-year-old admits he simply cannot survive without Alipay, the crown jewel of the Alibaba empire.

"I use Alipay to order a cab, to buy things, to shop on (Alibaba e-commerce platform) Taobao, to buy clothes, and air and train tickets," said Tao.

"It's indispensable for getting around in China."