Alipay, China’s leading e-payment company and an affiliate of the Alibaba Group, has partnered with Chinese microblogging platform, Sina Weibo, to launch a new payment platform called Weibo Payment. The new payment service is accessible through mobile app and website enabling Weibo users to make online and offline payments.
According to Alipay, there are currently more than 400,000 retailers promoting products via their own Weibo accounts. In April 2013, the Alibaba Group paid US$586 million for an 18% stake in Weibo. The company subsequently launched a service allowing Taobao users, Alibaba’s consumer-focused e-commerce arm, to link their accounts with those of Weibo.
Source: Business Strategies Group Hong Kong – www.bsgasia.com