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Once people were using Alipay to stash their cash and pay for online purchases, Ant could begin offering them other kinds of services through the app, including personal loans and insurance policies. Alipay says it has 900 million users in China.
“That super-app approach — where you create an ecosystem that’s enabled by payments, and then you layer on the other products and services both financial and nonfinancial — is something that no other company around the world has successfully done,” said Zennon Kapron, the director of Kapronasia, a research firm focused on the financial technology industry.
https://www.nytimes.com/2020/08/25/technology/ant-alibaba-ipo-filing.html
