Friday, January 10, 2014

Alibaba partners Weibo to launch new payment service

News this week: 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.

A recent report released by the Payment and Clearing Association of China forecast the country’s mobile payment to surpass US$132.2 billion in 2013, a five-fold increase from 2012. Market research firm, iResearch, also reported in November that Alipay accounted for 78% of the China mobile payment market in Q3 of 2013.

This post is excerpted from BSG's weekly e-newsletter which is part of our subscription research service, BSG Tracker. Visit our website to find out more about this service. You can also follow us on Twitter for all the latest updates.

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