On September 27th, Taobao announced the addition of a new payment method called "WeChat Pay", which means that Taobao has fully integrated into WeChat Pay, and the two giants have completed their breakthrough.
Currently, after updating the app to the latest version, consumers can select "WeChat Pay" on the product payment page to complete the payment, and the entire payment experience is consistent with other payment methods.
Based on this, Taobao has also upgraded its platform rules accordingly, with the main changes being that the names, accounts, balances, transaction amounts, and other expressions related to payment service providers are uniformly standardized as "payment institution", "payment account", "payment account balance", and "order transaction amount".
Prior to this, on September 5th, Taobao announced the addition of WeChat payment capability: in order to enhance consumers' shopping experience, Taobao plans to add WeChat payment capability, which will gradually open to all Taobao sellers seven days after the announcement. At that time, WeChat Pay responded to a reporter from Caixin News Agency, stating that the feature adaptation with Taobao platform merchants was being launched. WeChat Pay has always adhered to the concept of open cooperation and actively explored interoperability and cooperation with various fields. At the same time, Taobao Tmall stated that it has always adhered to the concept of open cooperation, actively explored interoperability and cooperation with various platforms, continuously improved consumer shopping experience, and made consumer shopping more convenient, enjoyable, and efficient.
Regarding this, Wang Pengbo, Chief Analyst of the Financial Industry at Broadcom Consulting, told reporters from Caixin that the introduction of WeChat Pay by Taobao is an important milestone event in payment interconnection. This serves as a demonstration for future cooperation between more payment tools and platforms. Platform cooperation is no longer a zero sum game, but a win-win cooperation, which is also the biggest cognitive progress in the business world in recent years.
Wang Pengbo also proposed a new vision of connectivity, such as whether JD could access Alipay in the future; Alternatively, as a platform, WeChat can integrate more payment tools and grab red envelopes in WeChat groups to withdraw them to Cloud QuickPass?
On the market side, in addition to Taobao's full support for WeChat payment, there are also market news recently that JD and Alibaba are also expected to "break the circle", and JD may access Alipay payment before the eve of Double 11. In this regard, a reporter from the Associated Press of Finance asked Alipay and JD for confirmation, and no response was received as of press release.