Reborn in 1984: Starting with the Development of the Chinese Character Card, Chapter 350: Alipay Company launched Yu'ebao, pointing out the "financial future" to everyone.

For a time, many people were eager to try it.

There are plenty of "smart bald" people in this world. After seeing Yu'ebao, Tang Ni, the CEO of Yixin Wealth, immediately thought of other things and wanted to move his company's business online.

In its early stages, Yixin Wealth primarily operated an offline P2P lending model, which involved pooling small amounts of capital and lending them to people in need of funds.

“China has over 800 million internet users. Even if each person only invests 10 yuan, that's a huge sum of money! On the contrary, Yixin Wealth has only been doing offline P2P lending, so the number of users it can reach is limited. No matter how it develops, it can't be as fast as online P2P lending!” Tang Ni murmured, his eyes shining with excitement and ambition.

Meanwhile, in another city, the founder of Paipai.com also had a sudden inspiration and decided to start an online P2P business.

They can't replicate the Yu'ebao model; they can't compete at all, and netizens won't trust them. Therefore, they must differentiate themselves. Online P2P lending is undoubtedly the most suitable project, and this project is largely a "get-rich-quick scheme," because they don't need to put in much money themselves; it all relies on "scamming" investors.

As long as you tell investors that you've invested your money, you'll receive high interest every month.

Initially, investors who receive money will feel very happy and excited, thinking that the P2P project is good. They invest money and receive high interest every month, believing that the platform is not a scam.

In reality, the interest that investors receive each month is their own money. The platform is willing to give it out because it wants to "scam" more money in.

Of course, P2P platforms launched loan services in order to make money, but in reality, it is difficult for any P2P platform to do a good job in the loan business. In the end, they are left with a mountain of bad debts and bad debts, causing heavy losses to the P2P platform. Naturally, they can no longer pay investors the high monthly interest.

As a result, the owner of the P2P platform absconded.

Investors who are deceived can only pay the price for their "greed".

There's no such thing as a free lunch. It's impossible to make several times your money just by casually investing a little.

...

Two months later, Yu'ebao's fund size reached 571 billion yuan, causing a huge shock to the traditional financial industry. Major Chinese banks will face a reshuffling.

At the same time, all sorts of dubious online financial companies began to emerge, using the guise of "internet financial management" to swindle and deceive people online.

In fact, Yu'ebao's interest rate is already very high, but many people are simply insatiable and cannot resist the temptation of high returns offered by P2P platforms.

The P2P lending industry is too chaotic and murky; the government will focus on its regulation in the future, and none of Zhao Ye's companies will engage in P2P lending.

Furthermore, Zhao Ye has plenty of money, and he also has Standard Chartered and Galaxy Bank providing funds, which solves the problem of loan funding sources. He has no need to cheat ordinary people out of money.

Therefore, just as the P2P business began to emerge, Alipay updated again, launching Jiebei and Huabei. More financial products will be added later, with the main focus being on gradual development.

Just the services offered by Jiebei and Huabei are enough to keep users busy for a while.

Just as Alipay launched Jiebei and Huabei, Zhao Ye posted on his personal Facebook page: "Hello everyone, Jiebei and Huabei are now available on the Alipay app, bringing you another wave of benefits. Users who need them should hurry up and use them! Also, recently some P2P lending platforms have suddenly appeared online. To be honest, I'm not very optimistic about the P2P business. The waters here are too deep, and ordinary companies simply can't handle it. It's easy for problems to arise, such as a lack of objective and comprehensive borrower credit information, difficulty in monitoring the actual use of loaned funds, etc.... Ultimately, this leads to a large number of bad debts and messy accounts, causing P2P platforms to go bankrupt and close down."

The launch of Yu'ebao marks the beginning of China's internet finance era this year.

Therefore, when Zhao Ye posted the article, he deliberately reminded everyone that P2P lending carries risks.

However, that was all Zhao Ye had to say; he didn't intend to elaborate further.

Good advice is useless to those who deserve to die; compassion is useless to those who choose to die.

They've already made it clear that they're not optimistic about the P2P business, so if anyone still falls for it, they have no one to blame but themselves.

...

Zhao Ye's Facebook post quickly went viral, with netizens liking and sharing it. In less than an hour, the number of comments exceeded 10,000!

Netizens quickly took out their smartphones and logged into Alipay to see what "Jiebei" and "Huabei" were.

After learning about it, I was overjoyed.

Jiebei is a loan service, while Huabei is a consumer credit service.

"Alipay is awesome! The loan approval for Jiebei is fast, only a few hours. After the loan application is approved, you can apply for the loan at any time, and Alipay will also make the payment immediately."

"The Huabei credit limit can only be used for consumption, but it is indeed quite good to buy things without spending money temporarily. After all, some people are a little short of money at the moment, so they choose to use Huabei to consume and pay it back slowly when they make money in the future."

"Holy crap, Alipay's going to take off! It's taking away from the banks' business again, since loan services are one of their core operations!"

"Alipay is awesome, it really brings convenience to everyone! In the future, if I need money urgently, I can directly use Alipay's Jiebei (a loan service). If I want to apply for a bank loan, the process alone takes a long time."

"..."

There's been a lot of discussion online.

Many people also believe that the launch of Alipay will encourage them to spend more.

"Alipay is really bad, with very deep tricks. They want to lure me into shopping through Huabei. Do you think I'm that easily tempted?" Someone seemed to see through everything.

However, it actually tastes really good!

Since its launch, Huabei has been used by a large number of people, and is even more popular than Jiebei.

Alipay became an instant hit that very day!

Although Jiebei is less popular, it offers higher loan amounts and higher interest rates, so you can still earn a considerable amount.

This undoubtedly provides another avenue for countless people seeking loans.

At this point, perhaps only banks and companies engaged in P2P lending are somewhat unhappy.

Zhao Ye's Facebook post predicting the demise of P2P lending was a devastating blow to companies specializing in this sector. However, they dared not speak out, fearing retaliation from Zhao Ye. Furthermore, their somewhat irregular practices regarding funding sources further deterred them from opposing Zhao Ye, leaving them with no choice but to endure. Of course, cutting off someone's livelihood is like killing their parents; those involved in P2P lending harbored deep resentment towards Zhao Ye.

"Zhao Ye doesn't run an online P2P business himself, but he's preventing others from doing it! What a busybody!"

"Zhao Ye wields immense power, we can't afford to offend him. We'll just slowly develop our P2P e-commerce platform. The domestic internet isn't dominated by Wujiang Group alone. We can advertise our P2P business on other websites and software platforms!"

"..."