Following the recent announcement of plans to add WeChat payment capabilities, Taobao released another announcement on September 5th, stating that in order to enhance consumers' shopping experience, it plans to add WeChat payment capabilities and gradually open them to all merchants after seven days of public announcement.
Based on the increase of the above services, Taobao has 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". This adjustment will be announced on September 5, 2024 and will take effect on September 12, 2024.
The information about "Taobao will support WeChat Pay" has recently sparked heated discussions. Su Xiaorui, a senior researcher at Suxi Zhiyan, told reporters that the interconnection between Taobao and WeChat Pay means that the interconnection between giants has taken another step forward, which can bring diversified payment choices to e-commerce platform users and promote the growth of transaction frequency and volume of payment institutions.