Digital Daily Pulse of China: Renren, Mobile Innovation & Tencent
There’s No Stopping the Flow of Money
Moblie payments are about to get even easier! A new product called Veme E-pay has the combined capabilities of a mobile charger and a bank card reader, virtually wiping out all obstacles of making a mobile payment. The genius product’s appearance is similar to a standard wireless mobile phone charger with the head doubling as a card reader. While we say ‘similar’ to a wireless phone charger, this one is smaller and slimmer than an Iphone 5. This great innovation is the product of one of China’s leading digital payment services Lakala, therefore the only catch is that users must have the Lakala app on their phone to process the payments. Other than that this company has created the ultimate link between offline and mobile payments likely to induce even higher volumes of mobile e-commerce sales in the near future. This gadget is not yet on the market, but we can expect it to appear on the scene very soon, the company has said the price will be between CNY 1000-2000.
Source: Tech Node
Tencent Making Moves
Last week online giant Tencent announced that’s its own e-commerce shopping site yixun.com will integrate full support of a Wechat payment system for PC, android and iOS devices. On top of this Yixun sources suggest that Yixun will soon apply a product offering service to WeChat 5.0 meaning that users can simply click on any product link within a chat window and complete order and payment directly; basically the dream package. Speculation increased when last week Yixun quietly launched a Wechat online payment function, meaning that Wechat payment is now an option for payment through the site, perhaps the first step to all over integration of operations. So basically, Wechat users will soon be able to directly pull product links from the Yixun Wechat page and then share with other users who can click directly on link for e-commerce with no need to leave the Wechat app, seems like a pretty ideal outcome for Wechatters! Most likely this move will thrust Yixun in to the online shopping platform ‘to be’ list very quickly…watch this space.
Source: China Internet Watch
Renren Active Users Up to 194 Million
Renren reported a net loss of USD 9.3 million and its total net revenue was USD 49.6 million. According to the Renren Q2 finance report, by the end of June 2013, its net loss was lower than that of last year, which was USD 24.9 million and the total net revenue grew 10.7% more than last year. Online advertising revenue was USD 15.4 million. Last year, Renren increased its number of activated accounts from 164 million to 194 million. Monthly independent login in accounts grew to 54 million from 45 million in last June. According to the same source, Research and development expenses were USD 22.2 million, 24.6% more than last year. Most money went to the online games and mobile platform development.
Source: China Internet Watcha