Alipay, China’s largest third-party payment platform, updated the Android version of its mobile app, Alipay Wallet, with the newly released fund management product—Yuebao added into it. At the same time Alipay announced to open its 800 million user platform to third-party developers. (in Chinese)
The home screen of Alipay Wallet now has an app center that features third-party apps. Users can log into those apps with Alipay accounts and make payments directly. DDMap, the e-coupon service Alibaba invested in, and iReader, a mobile reading service, have already been available there. Just like every another open platform, Alipay’s will give third-party services more visibility and, possibly, share revenues or take commission fees from the latter.
As to the Yuebao, the asset company’s sale system has been embedded into the Alipay platform. Customers can transfer their spare cash in Alipay accounts to Yuebao accounts and invest with TIANHONG, a private fund, directly without the bother of opening a fund account. It offers a chance for higher investment yields than bank interest rate. At the same time, the money in Yueao account is available for online shopping and transfer anytime. Besides, it is characterized most by low threshold of fund investment with a minimum of one yuan.
Alipay has been a giant in Pbased e-payments and now wants to stand out as a trailblazer in the mobile Internet. Besides what have mentioned above, Alipay Wallet has already been able to manage e-coupons, itineraries and e-tickets, split bills or buy anything from a vending machine with its acoustic payment or barcode payment capability.