After shifting its focus on mobile payment services, Alibaba has teamed up with Sina Weibo and jointly launched a Weibo Payment service that will allow verified Weibo accounts to conduct third-party e-commerce business on the blogging website.
The new collaboration will also help in integrating both Sina Weibo and Taobao accounts so that users can log on to both platforms.
In April last year, Alibaba had bought an 18% stake in the blogging site for USD 586 million. Now, the verified Sina Weibo users will be able to buy and sell items freely after it becomes an e-commerce platform.
The service charge will be USD 3, 250 as a security deposit and initially service will be used by business users to take orders. After approving user’s applications, they can post messages with information about products on sale and puchases directly by clicking on the links in the messages.
Want China Times says: The new payment service is expected to affect the mobile payment service business of Tencent’s WeChat. The fund management platform Yu’ebao has slowed down during the second quarter of this year.
During the second quarter, the scale of Yu’ebao was estimated to be 574.2 billion yuan (US$92.4 billion), which only rose by 33 billion yuan (US$5.3 billion) from the first quarter’s 356 billion yuan (US$57.3 billion), according to data from Tianhong Asset Management, which provides money market funds with Alibaba.
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