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today, the long-awaited taobao's full integration with wechat pay has officially landed. from now on, all taobao and tmall merchants will gradually open wechat pay, and merchants are currently being invited in batches. today, cailianshe reporters found that using alipay for settlement is still the mainstream, and only a few merchants have opened wechat pay. the consumer side is also gradually opening up trials.

the industry believes that this move will not change the online payment market landscape, but will benefit consumers. some users who previously preferred to use wechat pay will have the opportunity to become new growth points for taobao and tmall merchants. for wechat pay, taobao's huge user base and transaction volume can also become a new growth scenario.

taobao merchants implement wechat payment in batches

previously, taobao released an announcement announcing the addition of wechat payment capabilities and stated that it will take effect on september 12, 2024. today, cailianshe reporters found that payment using alipay is still the mainstream, and only some merchants have opened wechat payment. at the same time, the consumer side is also gradually opening up trials. today, some buyers can pay through wechat, but not all consumers have the wechat payment option on the payment page of the same product.

"we are currently inviting merchants in batches to implement wechat pay. there is no fixed type of merchants for the first batch of invitations, so it is difficult to say the specific activation time for the time being. consumers are requested to refer to the payment page." taobao customer service told a cailian reporter today that consumers do not need to activate wechat pay. once the wechat payment capability of the platform merchants is activated, it will automatically take effect on the consumer side.

"merchants can see the wechat pay activation invitation in the qianniu backend, and it will be activated immediately after agreeing. starting from today, invitations will be received in batches, and finally all services will be activated." taobao customer service said.

taobao and tmall responded that they will always uphold the concept of open cooperation, actively explore interoperability and cooperation with various platforms, and continuously improve the consumer shopping experience, making consumer shopping more convenient, enjoyable and efficient. based on the addition of wechat payment, taobao has correspondingly upgraded its platform rules. the main changes are: the names, accounts, balances, transaction amounts, etc. of payment service providers are standardized as "payment institutions", "payment accounts", "payment account balances", and "order transaction amounts".

after the “interconnection”, both taobao and wechat gained new traffic

the industry believes that the full "interoperability" of wechat pay will not change the online payment market structure, but will benefit consumers. "considering the business volume, this is the first time that giants have connected, so the smooth connection is indeed of great significance. considering the payment habits of users on the taobao platform and the historical background that taobao has long opened up diversified payment, it is expected that this connection will not have a significant impact on existing payment services (such as alipay)," said su xiaorui, a senior researcher at suxi zhiyan.

according to the "2024 semi-annual china mobile internet strength value list" released by the third-party organization questmobile, in the second quarter of this year, wechat ranked first with 1.052 billion mau monthly active users, and taobao and alipay ranked second and third with 927 million and 893 million mau monthly active users respectively. most merchants believe that full access to wechat pay will help broaden customer acquisition channels. some users who previously preferred to use wechat pay have the opportunity to become new growth points for taobao and tmall merchants, and for wechat pay, taobao's huge user base and transaction volume can also become a new growth scenario.

xue hongyan, deputy director of xingtu financial research institute, told cailianshe reporters that the interconnection of payment tools and business ecosystems can, to some extent, break the monopoly of specific payment tools in a closed ecosystem, give users the right to choose, and help improve user experience. on the other hand, new payment tools can bring new users, which is also good for the long-term healthy development of the business ecosystem. therefore, taobao's full introduction of wechat pay is a win-win for the platform, payment tools, and users in the long run.

wang pengbo, an analyst at broadcom consulting, pointed out that the cooperation between taobao and wechat pay has little impact on the business of both parties, and even less on alipay. from the actual effect, it is not the first time that taobao has introduced more payment companies, and alipay has provided taobao with new payment channels more than once. alipay is still the first choice for taobao's payment page, and alipay will continue to provide services for taobao in the future.