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Chinese social media site launches new payment platform

August 17, 2012

A social media site in China recently partnered with a leading bank to launch a new program that will give users a way to engage in merchant services-related activities.

A social media site in China recently partnered with a leading bank to launch a new program that will give users a way to engage in merchant services-related activities.

The Next Web reports that China Merchants Bank and Sina Weibo have joined forces to create a new credit card program that uses social media to help users find out about new offerings and make purchases using the platform. Part of the advantage for those who sign up will be the ability to receive offers from local merchants sent directly to them. Sina Weibo, a mircoblogging service, has approximately 300 million users who use the program frequently.

The program will use the DaRen system, which verifies a person’s identity before he or she engages in any mobile merchant services activity.

Because of the country’s expanding middle class, many firms hope to take advantage of the Chinese market. In one recent example, Citi recently gained approval from the China Banking Regulatory Commission to offer cards to Chinese consumers. Following the announcement, Citi Asia Pacific CEO Stephen Bird said that the agreement represented a “significant milestone.”

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