Chinese e-commerce giant Alibaba has reportedly launched a new payment service in collaboration with microblogging website Sino Weibo, in which it acquired an 18% stake for $586m in April last year.
The new service, Weibo Payment, will allow verified Weibo accounts to conduct third-party e-commerce business on the blogging website, wantchinatimes.com reports.
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Additionally, the users of the microblogging website will be able to buy and sell items freely after the blogging site becomes an e-commerce platform.
However, Sina Weibo intends to charge each user CNY20,000 ($3,250) as a security deposit.
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By GlobalData
