Chapter 327: 10 hours, 1 million users, 4.63 billion! Ma Liyun: Copy! Just call it Lingqiantong
“Yu’ebao?”
The brightly lit Ali headquarters, Peach Blossom Island office.
Ma Liyun frowned slightly, his mouth corners turned down, a hint of surprise flashed in his eyes, and his face had a mixed expression of joy and sorrow, looking extremely contradictory.
"In essence, Yu'ebao is just a fund agency product, but its advantage is 'starting from 1 yuan and depositing and withdrawing at any time', which changes the traditional fund redemption method to 'T+0'. This move will greatly enhance the account value of Orange Payment."
Lu Zhaoxi continued to add.
What is account value? The more money there is in the account, the higher the account value.
Ever since Zhifubao was spun off from Ali Baba, Ma Liyun has been thinking about other profit models.
As a payment tool, its core profit mainly relies on transaction fees from third parties.
Two years ago, before Liu Qiangdong and Ma Liyun had a falling out, the online payment tool used by Yidong was Zhifubao. Later, he felt that Ma's handling fees were too expensive, so he switched to Orange Pay. At the same time, he acquired a payment license in preparation for the launch of Yidong Pay.
Three months ago, Zhifubao and Orange Pay obtained the "Securities and Futures Business License" and "Consumer Finance License" together. According to Ma Liyun's idea, a financial management module will be added to Zhifubao to gain profits from it.
But when Yu'ebao came out of nowhere, he suddenly felt that his operating strategy was not good enough and that Chen Yansen's strategy was more suitable for Zhifubao.
Converting the user's account balance into financial management funds, which can be deposited and withdrawn at any time, provides users with a perfect usage scenario.
Moreover, consumption and financial management can be combined to form a positive cycle.
"Don't you think that Yu'ebao is a natural fit with Zhifubao?"
Ma Liyun asked with a grin, clasping his hands together, inadvertently revealing his radical thoughts.
"Mr. Ma, what do you mean?" Lu Zhaoxi asked tentatively.
"Good things have to be copied." Ma Liyun raised the corner of his mouth slightly and said indifferently.
The essence of the Internet is free and sharing. What's wrong with him copying Chen Yansen's idea? Isn't it the same for everyone?
"Just imagine that if every Taobao user puts 10,000 yuan in their account, then Zhifubao will be able to increase its deposited funds by trillions."
Without waiting for Lu Zhaoxi's reply, Ma Liyun stood up impatiently, waving his arms and speaking.
When users use Zhifubao to transfer consumption, a certain amount of funds will be deposited in the reserve account due to the time difference in the settlement cycle.
The interest income from this part of funds belongs to Zhifubao. Last year, the interest income from the reserve fund accounted for approximately 9.1% of Zhifubao’s total income.
This is the main reason why Ma Liyun is eager to increase the value of the Zhifubao account!
The world is bustling with people, all for profit. Ma will not take the risk of offending Chen Yansen for something that does not make a profit by copying and learning from Orange Pay's strategic layout.
At this time, the China Banking Association has not yet introduced a centralized custody system for customer reserve funds of third-party payment institutions.
Not only can Zhifubao make profits by relying on deposited funds, but Orange Payment and Yidong Payment also do so.
Seeing this, Lu Zhaoxi immediately understood Ma Liyun's true intention, so he quickly stated: "I will set up a project team as soon as possible and put Yu'ebao as the first priority for Q4 development work."
"Let's change the name. If we also call it Yu'e Bao, it will be too obvious to copy."
Ma Liyun turned around, returned to his seat, coughed and said.
After all, Ali is the leading e-commerce company, and Zhifubao is also the leading electronic payment software in China. If they really copy it without any scruples, it would be a bit shameless.
Ma Liyun still wants to have some face!
"How about Huoqianbao?" Lu Zhaoxi had a flash of inspiration and a product name popped into his mind.
"Living money? That's not quite right." Ma Liyun shook his head.
He thought about it over and over again, and always felt that Huoqianbao was not as easy to pronounce as Yu'ebao.
If a product wants to attract more audiences, the name must first be catchy and easy to understand.
For example, Taobao, Pinbei and Dong are all two-character names, and users remember them as soon as they hear them.
"How about Sulitong? It not only emphasizes the instant deposit and withdrawal of the product, but also gives users the impression of a product that can make a quick profit."
Lu Zhaoxi continued.
"I thought of one called Zero Money." Ma Liyun did not give a direct response but expressed his own thoughts.
"This name seems to be plagiarized. How about changing it to Lingqiantong? 'Tong' means smooth and accessible, which means that the user's funds can be quickly transferred in Zhifubao."
Lu Zhaoxi thought about it for a while and made some minor adjustments based on Ma Liyun's idea.
"Great! Lingqiantong is more catchy than Lingqianbao. Let's stick with this name for now. After all, we can adjust it at any time before the product goes online."
Ma Liyun nodded slightly and initially approved the product name of "Zhi Qian Tong".
"Then I will start preparing immediately." Lu Zhaoxi stood up and said.
“The project priority is S-level, and we will concentrate human and material resources to launch it in Q1 of next year.”
Ma Liyun originally wanted to shorten the development cycle to two months, but Q4 is the peak season for e-commerce, and the revenue of three months often reaches 40% of the total annual revenue. He was worried that the Zero-Balance Wallet project would affect the Double Eleven and Double Twelve promotions, so he changed his mind temporarily and extended the project cycle to five months.
"Okay." Lu Zhaoxi responded immediately.
As for whether the 'T+0' fund redemption method is compliant, it is not within the scope of their consideration at all.
Even Chen Yansen dared to bypass the Financial Regulatory Association and use prepayment to implement the 'T+0' instant redemption method. Doesn't Zhifubao dare to do the same?
You know, Ma Liyun founded Zhifubao nine years ago, so he is naturally an old hand who dares to cross the river by feeling the stones.
It is indeed not in compliance with regulations, but it is not illegal! Let’s do it first!
After Ma Liyun made the decision, Zhifubao established the Zero-Balance Wallet project team on the same day, which included docking departments such as fund companies, bank channels and technical systems.
The other side.
At the Penguin headquarters, Ma Wenteng and others were also discussing the Yu'ebao product.
Unlike Ali, Penguin is not as interested in Yu'ebao as Lao Ma.
"I think it can be done. It can not only increase the account value of Tenpay users, but also increase the additional income from capital accumulation."
A Penguin director suggested.
"Making use of the account funds of QQ group buying, PaiPai and Yixun users may even drive the growth of the group's e-commerce business."
Another Penguin director nodded in agreement.
In fact, online shopping users in 2012 viewed Tenpay, Zhifubao and Orange Pay as just payment tools.
The money in your online banking account will only be added to your balance when you purchase goods online.
Firstly, third-party payment software does not have financial attributes and cannot generate additional income, so users have no motivation to keep their money in the balance; secondly, there is not a strong sense of trust in third-party payment software.
This is completely different from the situation more than a decade later! "Martin, what do you think?" Ma Wenteng, who was sitting in the first seat, looked at Liu Zhiping and asked.
"Yu'ebao has three strategic significances for Tenpay: first, it transforms from a payment tool to a financial platform; second, it attracts a large number of financial management users and increases their activity; third, it completes the ecological construction of Tenpay and paves the way for subsequent financial products."
After thinking for a moment, Liu Zhiping answered carefully.
What this means is that Penguin should also join the "change management" industry to seek longer-term development for the group.
Ma Wenteng frowned, thought seriously for a few minutes, and then said: "Why not go a step further and combine WeChat Pay with Yu'ebao business, weaken the presence of Tenpay, and focus on the product concept of WeChat Pay."
"Yu'ebao is the product name of Orange Pay. We should change the name."
"How about the Flashing Treasure?"
"I think Spirit Gold is pretty good too!"
All of a sudden, all the directors of Penguin joined in the discussion.
On October 10, on the eve of Yu'ebao's launch, two Internet giants, Ali and Penguin, simultaneously came up with the idea of 'copying and replicating'.
At midnight, pop-up ads were set up on the PC page and APP of Orange Pay. When the Yu'ebao function was activated, 5,000 yuan of experience money would be given in seconds. If a new user was invited, an additional 5,000 yuan of experience money would be given. The maximum experience money that could be obtained was 10 million yuan, which was valid for seven days.
Calculated based on the 5.1% annualized return in the past seven days, the highest return is around 9,800 yuan.
As soon as the event was launched, the number of participants exceeded 100,000 in less than half an hour.
Driven by Pinbei, Kuapao and Kuaidi Dache, the cumulative number of registered users of Orange Pay has already exceeded 100 million, with daily active users exceeding 18 million.
In addition to three days of network-wide preheating, Zhang Yinjia and others actually expected to achieve such an effect.
At 10 a.m., the number of Yu'e Bao accounts opened had exceeded 1 million. Excluding the trial funds, the actual amount of funds was as high as 4.63 billion yuan, and the average Yu'e Bao fund in each account was 4,630 yuan.
It can be seen from this that even with the endorsement of Senlian Capital, most users still do not have high trust in Orange Pay.
But there are still many people willing to spend a few thousand yuan to experience the super high returns of Yu'e Bao.
at the same time.
Pinbei launched a shopping event to give Yu'ebao trial gold to customers! Kuaidi Taxi and Kuaipao also launched corresponding joint events!
(End of this chapter)
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