Tencent Cooperates With American Express For Internet Payments
Chinese Internet company Tencent’s online payment service Tenpay and American Express have reach cross-border payment cooperation and the two parties have jointly launched a new virtual payment product. Commenting on the cooperation, Kula Kulendran, president for American Express's global networking business in Asia Pacific, said that the cooperation between American Express and Tenpay will provide Chinese consumers with an innovative cross-border online payment service and it will promote the development of innovative products in China. This partnership is expected to bring more business opportunities to both parties.
Source: China Internet News
Tmall and Taobao Transactions Exceeded Trillion Yuan
This afternoon, Shao Xiaofeng, chief risk officer of Alibaba Group announced at 21:50:18 on November 30th, Taobao and Tmall this year's total transactions exceeded 1 trillion yuan. E-commerce has become an emerging industry which is also the fastest growing and the increasing scale of an industry. Chairman of the Board of Alibaba Group Jack Ma said: "We are very fortunate to falls on this era of the Internet, to witness and participate in the Internet and e-commerce has brought to our society, a second surprise and change. 1 trillion is just the beginnig..."
Qihoo’s Search Engine Taps Autonavi For New Maps
Qihoo’s busy schedule continues, with previous feature added to 360 Search – like last weeks’s music portal, Qihoo has now added a new maps service with the help of Autonavi as its partner. Autonavi makes China’s top mobile mapping app and also Apple’s partner for China-area maps. With 25.9 percent market share, this is ahead of Baidu by a good margin.
Source: Tech In Asia
Alipay Sets Up Own Passbook
Alipay is developing an app resembles the Passbook, Apple firstly introduced in its iOS 6 update. Alipay’s similar offering is more like a digital wallet that integrates all your credit cards and ecoupons. A feature to better manage bills is also included in the service. The move could be seen as the first concrete move that Alibaba delved into the heated Chinese online-to-offline market.
Source: Tech Node
TMall To Replace Amazon As No.1 by 2017
According to a recent market researcher, Euromonitor predicted that Tmall is expected to replace amazon as the No.1 ecommerce sit worldwide. The report says Tmall, the giant Chinese B2C platform, could hit US$ 12 billion in sales by 2017, more than Amazon’s estimated 10 billion during the same period.
Source: Tech Node