Posted On 2014/06/06 By In Consumer, News, Mobile, Social Media With 1305 Views

Weibo Payment open to Third Parties for better Usability

First launched in 2012 Chinese internet company Sina’s online payment platform Weibo Qianbao (referred to as WeiboPay in English – literally: Weibo Wallet). WeiboPay is China’s first socially enabled online wallet: all users of Sina’s Weibo microblogging platform automatically have WeiboPay accounts in order to provide a more convenient way for Weibo users to conduct business online, and for developers to charge users for their products and services. The app gave users the ability to make payments, pay mobile handset bills, and make transfers to and from bank accounts. WeiboPay transactions were processed by Sina’s own payment license.

In early 2014 Sina released an update for its Sina Weibo microblogging mobile app, adding the Payment feature  “Weibo Payment” to user home pages on the app. By linking Sina Weibo accounts with China’s leading eCommerce site Taobao (and third-party payment processor Alipay), the new feature allowed users to browse goods and complete payment directly within the Sina Weibo mobile app. In contrast to the initial use of Sina’s own payment license under WeiboPay, the new feature dropped WeiboPay, opting instead to work with the more popular Alipay payment platform.

Weibo Qianbao Mobile

Earlier this month, Weibo has announced to open up its Weibo Payment (co-developed by Weibo.com and Alipay) for third parties including enterprises and individuals. With Weibo Payment integrated, third parties will be able to streamline their payment process on Weibo for a better user experience and higher conversion rates, as users will no longer need to switch between shopping and payment websites or apps in order to complete their transactions. According to Sina Tech news, Weibo Payment is expected to increase conversion rates three to four times as compared to redirecting users to another website or app for payment.


Learn more in our Global Ready China Seminars


Sources:

Article: CIW & Marbridge  / Image: Sina

First launched in 2012 Chinese internet company Sina's online payment platform Weibo Qianbao (referred to as WeiboPay in English - literally: Weibo Wallet). WeiboPay is China's first socially enabled online wallet: all users of Sina's Weibo microblogging platform automatically have WeiboPay accounts in order to provide a more convenient way for Weibo users to conduct business online, and for developers to charge users for their products and services. The app gave users the ability to make payments, pay mobile handset bills, and make transfers to and from bank accounts. WeiboPay transactions were processed by Sina's own payment license. In early 2014 Sina released an update for its Sina Weibo microblogging mobile app, adding the Payment feature  "Weibo Payment" to user home pages on the app. By linking Sina Weibo accounts with China's leading eCommerce site Taobao (and third-party payment processor Alipay), the new feature allowed users to browse goods and complete payment directly within the Sina Weibo mobile app. In contrast to the initial use of Sina's own payment license under WeiboPay, the new feature dropped WeiboPay, opting instead to work with the more popular Alipay payment platform. Earlier this month, Weibo has announced to open up its Weibo Payment (co-developed by Weibo.com and Alipay) for third parties including enterprises and individuals. With Weibo Payment integrated, third parties will be able to streamline their payment process on Weibo for a better user experience and higher conversion rates, as users will no longer need to switch between shopping and payment websites or apps in order to complete their transactions. According to Sina Tech news, Weibo Payment is expected to increase conversion rates three to four times as compared to redirecting users to another website or app for payment. Learn more in our Global Ready China Seminars Sources: Article: CIW & Marbridge  / Image: Sina

Readers' Rating

How did you like this article? Would you like to read more content like this?
Tell us your opinion: by rating this article you help us select the most relevant content for you in the future. Thank you for pointing us in the right direction.

User Rating: 4.9 ( 1 votes)
0

Tags : , , ,

About

Stefan

Stefan (from Austria, Europe) has been living, studying and working in China since 2010. Stefan has worked on several research, publication and consulting projects focusing on the China Travel Market. He holds three Masters degrees and is an expert on China Outbound Tourism, Marketing and Social Media in China. Stefan works with BMG on the Global Ready China Seminars as well as the Global Ready China News and related projects. He also has teaching engagements in the areas of eMarketing and Tourism Strategy.

Leave a Reply

Your email address will not be published. Required fields are marked *