Ants officially launched the IPO, revealing for the first time four meetings affecting their fate


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By Cheng Yi
Source: slightly larger reference (ID: hyzibenlun)
Ma Yun once said that no one is willing to squat down, but only squat down, the future rebound will be greater. In the 16 year history of Alipay, these four meetings undoubtedly vividly interpreted the essence of this sentence.
There’s new news in the ant market.
Yesterday, after the IPO was approved by the CSRC, ant group updated its prospectus, and the open letter written by Chairman Jing Xiandong to investors was also exposed for the first time. In this letter entitled “seeing because of believing”, Jing Xiandong answers the ultimate three questions of “who are ants, where ants come from and where ants are going” for the first time.
In his letter, he said that ants have done one thing for 16 years, that is, they have been struggling with the problem of “trust”.
The story of ants has become a business model. Under the “trust” proposition, more people want to know why ants become today’s giants?
The four key meetings in Alipay’s history may give some answers.
2005: a million yuan compensation is not a loss?
In 2005, Alipay team encountered a very difficult problem: one user, bound Alipay’s credit card stolen 1 million!
Alipay was established in December 2004 and has not really opened up the market.
Limited by the lack of payment security technology at that time, Alipay had also compensated some fraudulent events before, but most of them were tens of hundreds of small money, 1 million? It was possible to buy a house at that time.
The young Alipay employees were somewhat muddled. That year, the whole Alibaba group had not yet started to make profits, which was too large.
What should I do? Compensation? The problem was put on the table, but the team’s opinions were still at a standstill.
One group of people thought that there would be no compensation, because when the domestic credit card was stolen and swiped, the bank would not compensate. There was no such rule in the industry. Moreover, users often click on some phishing links by themselves. In addition, users should bear the responsibility for safety, and the responsibility can not be attributed to the platform. If the user does not pay attention to safety, the compensation amount of the platform will be astronomical, which cannot be established commercially.
Another group of opinions is compensation. They think that online payment is a new thing. If the outside world is not confident in the sense of security, the industry will have no future.
At the decision-making forum, the supporters finally got the upper hand. Peng Lei, the former chairman of the ant group, remembers clearly that the management team decided that the 1 million Alipay had to pay for it. Not only compensation, but also high-profile compensation, tell the outside world “you dare to pay, I dare to pay.”.
“That is to pay until the pain, until we are afraid, until our hands shake. Only with such a sense of awe and fear will you constantly wipe your butt and improve your ability. ” Peng Lei recalled.
So, Alipay took a world without thieves, and shouted the slogan “you dare to pay, I dare to pay”. After more than ten years, Alipay products have been upgrading constantly. This slogan has never changed.
The continuous upgrading of security capability has become the source of the slogan. From the beginning of the week lost tens of millions, then the probability of theft of funds loss to 0.6 parts of ten million, 10000 times the security of overseas payment tool Paypal, Alipay’s security technology sector is growing, now, this has become the largest number of Alipay departments.
2009: do you have a loan of $1.2 million or $1.2 million?
When the cold wave comes, no one can keep warm by himself.
In 2009, many of the small businesses in the disaster area fell into the financial crisis because of the B2B loan crisis.
Therefore, this year, Ali decided to establish Ali finance to solve this problem. At the preparatory meeting, Hu Xiaoming led the team to discuss the strategic direction with Ma Yun and others, and there was a heated debate at the meeting.
Ma Yun, Zeng Ming, Wang Jian and others believe that if Ali is going to do this, it is necessary to achieve a real micro loan. The reason is that the society can still find a solution to the loan of more than 1 million yuan, and the loan of less than 1 million yuan is an unsolved problem.
However, everything has its rationality. Banks are not willing to touch small loans because it is difficult to recover costs, the interest is low, and the cost of human resources is as high as that of large loans. The risk of small and micro enterprises is higher than that of large enterprises. Therefore, banks are basically willing to make a single loss.
At that time, the bank defined loans for small and micro enterprises as less than 20 million. However, in practice, few banks are willing to do so, let alone one or two million.
Hu Xiaoming is very difficult.
But the owners don’t care. Finally, due to the insistence of Ma Yun and others, a consensus was reached at the meeting to make micro loans to solve the problems of small enterprises, and set a tight spell of less than 1 million yuan. Some participants remembered Ma Yun’s original words: “if you take the loan of $1.2 million to small and micro enterprises as their crazy mission and dream, this matter will surely come true.”
Wang Jian also encouraged Hu Xiaoming, “what we need to do is a helicopter. Although we can fly, the helicopter is not an airplane in principle. A helicopter never flies higher than anyone, but it flies lower than whom. This is the most difficult thing.”
Now, the helicopter that flies low enough has gone far enough.
E-commerce banks now serve 20 million small and micro businesses, self-employed households and farmers a year. The average amount of loans is only 36000, and the minimum amount is even 1 yuan. It has solved the loan problems of a large number of small and micro enterprises and husband and wife shops, and has become one of the pillar businesses of ant group.
2010: fast payment, do or not do?
In early 2010, more than 1000 Alipay employees rushed to the Hangzhou people’s great hall to attend the annual meeting. However, they found there was no happy layout, no decoration, no music or even lights.
Listen to the customer service telephone recording, become the opening show of this special annual meeting.

There is no praise, it is all blame and complaint. Among them, a user named A Lian failed to make a successful payment because of repeated payments. He called the customer service and scolding Alipay. “If I have a choice, I will never use you.”
Ma Yun then went on stage to criticize Alipay’s poor user experience, “rotten, rotten and rotten to the extreme.”
Alipay was founded in the past 6 years, and has already been way ahead in the field of online payment, but the product experience is not good. The whole payment process is designed to be very complex. Users must insert u-shield into the bank and use electronic password card to complete the operation. The success rate of payment is only 60%.
The worst product experience is only superficial. What Ma Yun really dissatisfied with is that Alipay has not made any real deep innovations and changes in the years after Taobao’s departure from Taobao.
“As long as you say, I am responsible for the customers, the society, the courage to innovate and move forward. Now we have blocked many roads. We can’t do this. We have to make mistakes. Can we have a better experience?”
Ma Yun was extremely dissatisfied with Alipay’s conservative attitude at that time, and many employees were ashamed to cry. The “executive show” originally prepared for the annual meeting has become a reflection of 15 executives one by one.
Change comes from it.
In order to improve the success rate of payment, Alipay has eliminated the U shield, electronic password card and other links, and launched fast payment. In order to allow the bank to agree, Alipay has been negotiating with one home bank, and has promised to deposit deposits in the bank, to reveal all the risks and other conditions.
Fast payment has brought about a direct change in data, with the success rate of payment rising from 60% to 95%. More importantly, it laid the foundation for the era of mobile payment a few years later.
User experience always takes precedence over innovation risks, and Alipay, who has been scolded, has said goodbye to the “black” annual meeting.
2010: do or not make money for hydropower and coal?
Most of the time, when people look back many years later, they will realize that they witnessed or participated in important history.
For Alipay, the young people who participated in the discussion on whether to pay for the water and coal payment in 2010 had such an experience.
Two years ago, because of the need to solve the problem of queuing of hydropower and coal, Alipay connected to the hydropower and coal payment channels in Shanghai and Hangzhou, so that the people could pay for the first time on the Internet. At that time, the business was well received, and the employee San Hu, who was responsible for promoting the business, got 4 points for performance, which was only a legendary high score in the Ali system.
In the next two years, however, the business stagnated.
First, the hydropower and coal payment should be popularized nationwide, and the national hydropower and coal enterprises should be linked up one by one, and the difficulty of promotion is very high. Second, the cost of the project is very high, the team will spend tens of millions of business on a one-year trip, and third, the cost is still high, and the internal voice of Alipay is increasing. Some people say that the life payment business is too chicken ribs, too low frequency, is a big aunt once a month. “Business, the cost performance is too low.
In 2010, the morale of the payment team was once low, and they felt that they might be about to break up.
That discussion brought about a reversal. At that time, CEO Pang Lei Li’s public opinion said that the payment of life services should not only continue to do, but also do big work. “These hard work can not be seen by others, but this is precisely the life of Alipay. Don’t ask if it’s worth it, just ask if it’s worth it. ”
Business continues. This business has not made money, but it has brought about changes in the way of life, and the Chinese people have started to do things without running errands. Of course, it also brings deeper commercial significance to Alipay.
Since then, Alipay has begun to access a large number of service classes, extending itself from a purely paid tool to a tool for people’s livelihood, which has also played an important role in the promotion of Alipay DAU.
Looking back today, these four meetings seem simple, but they really affect the direction and process of Alipay’s development.
Just imagine, if Alipay does not solve the problem of security and success rate of payment, if Alipay does not open its imagination in financial technology, if Alipay does not expand the life service and is limited to payment, then Alipay today may still be dependent on the presence of Alibaba’s e-commerce business.
Ma Yun once said that no one is willing to squat down, but only squat down, the future rebound will be greater. In the 16 year history of Alipay, these four meetings undoubtedly vividly interpreted the essence of this sentence.
(statement: This article only represents the author’s point of view, not Sina’s position.)