Sina will launch a Square style mobile payment solution with Lakala, a Chinese independent payment solutions powered by China Unionpay.
The cooperation is still under negotiation, said by one staff from Lakala. Lakala would help Sina with hardware and software development and system maintenance. The final product might even be cheaper than Lakala’s own Square style mobile payment.
They also said that Sina mobile payment would be connected with Weibo Wallet, which means users could use Sina square style mobile payment to recharge Weibo Wallet.
Weibo Wallet was launched by the end of 2012, providing an online payment for water and electricity charges, phone bills and transfer service. Weibo Wallet mobile app was launched in March 2013. Sina is determined to enter mobile payment market.
However, cooperation with Sina seems to have conflicts with Lakala own mobile payment in some ways. But La Ka La will have its benefits, not only can they plant their own information into Sina mobile payment in hardware and software, but they are seeking to increase user loyalty through Sina.